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TRANSPORT-
Abu Dhabi’s sovereign wealth fund ADQ set up a smart mobility firm to oversee the emirate’s toll system Darb and parking system Mawaqif, a week after it assumed operational control of the two systems, according to a statement. The new firm is dubbed Q Mobility.
BANKING-
#1- Rakbank makes its first CBDC cross-border transfer: The National Bank of Ras Al Khaimah (Rakbank) conducted its first cross-border central bank digital currency (CBDC) transaction, transferring a remittance of digital CNY into digital AED, according to a bank statement. The transaction was facilitated by mBridge, a CBDC exchange platform that leverages blockchain technology.
Remember- The Central Bank of the UAE initiated the country’s first cross-border CBDC transaction in January, sending AED 50 mn to China through mBridge.
#2- Ajman, Ruya Bank to streamline banking services for investors: The Ajman Department of Economic Development and Ruya Islamic Bank partnered to support investors and business owners by facilitating loan issuance and bank account setup, among other banking services, in a bid to attract more local and international investors to the emirate, Wam reported.
CRYPTO-
Standard Chartered started offering digital asset custody services in the UAE, with Brevan Howard Digital, the crypto division of the British hedge fund, as the inaugural client, Reuters reported, citing a statement. The bank touted the UAE’s “well-balanced approach to digital asset adoption and financial regulation.”
REMEMBER- Standard Chartered also recently partnered with Crypto.com to allow it to offer fiat currency withdrawal and deposit services on the crypto exchange platform. The service — which allows deposits of AED, USD, and EUR — will be available to UAE retail investors first, before expanding it to 90 countries.
REAL ESTATE-
#1- Dubai South Properties taps Al Turath to build South Living Tower: Al Turath Al Aseel Contracting was awarded a AED 150 mn contract by Dubai South Properties to construct the South Living Tower in the residential district of Dubai South, Wam reported. Launched in June, the project contains 209 units including studios and 1-3 bedroom apartments and is scheduled to be completed by 1Q 2027.
IN CONTEXT- The project comes amid rising housing demand in Dubai South, driven by an upcoming new passenger terminal at Al Maktoum International Airport, which have hiked sales and rental values.
#2- Dubai-based real estate developer Sankari Properties has some USD 2 bn worth of projects in its pipeline, including 20 plots on Palm Jumeirah, Sankari Properties’ CEO Mark Phoenix told Bloomberg. Buyers will be required to pay 50% during construction and 50% after completion, with the company having a “strict directive [not to] borrow money for anything.”
WATCH THIS SPACE- The developer plans to hand out a USD 200 mn construction contract in October, Phoenix said, without clarifying for which project.
ICYMI- Sankari Properties plans to develop a USD 1 bn luxury housing project, comprising twin residential towers to be built in the Marasi Marina area. Set for completion by 4Q 2027, the project boasts 57 units, with prices starting at USD 10 mn.
FINTECH-
Arab Financial Services to use Lune Technologies’ data analytics platform: Bahraini e-payment firm Arab Financial Services (AFS) partnered with Dubai-based financial data analytics company Lune Technologies to integrate the latter’s insights into its platform, according to a joint statement. The move aims to offer a comprehensive financial suite to banks, financial institutions, and fintechs, that will be able to analyze consumer spending behaviors.
TECH-
The Dubai Multi Commodities Centre (DMCC) launched an AI center at its headquarters in Uptown Tower as part of a technology hub including crypto and gaming centers, according to a statement. The center aims to accelerate the adoption of AI solutions, offering co-working spaces, meeting rooms, and an exclusive showroom for AI solutions.
Two partnerships to help companies adopt AI: DMCC partnered with app developer Builder.ai, which will assist businesses in developing AI-powered applications, and UAE-based AGCC, which will run accelerator programs to attract and scale up AI companies.
NBFS-
Egyptian financial services firm Contact Financial sets up shop in Dubai: Egyptian non-banking financial services firm Contact Financial Holding opened its first branch in Dubai yesterday, according to a statement (pdf). The expansion aims to cater to Egyptian expats in the UAE by giving them access to a suite of financing and ins. services in Egypt without the need to travel. Expats can pay for services in Egypt such as mortgages, club memberships, car installments, green finance, and much more.
LOGISTICS-
Drydocks World boosts heavy-lifting with new crane: DP World’s offshore arm Drydocks World signed an agreement with Shanghai Zhenhua Heavy Industries for a 5k-tonne capacity floating crane to boost the firm’s heavy-lighting capabilities, according to a statement. The crane, to be delivered by 2Q 2026, can lift loads up to 120 m above the water and features a 600-tonne fly jib extending to 180 m. It will support large projects like offshore platforms and bridges, cutting the need for extra support vessels and housing up to 50 crew offshore.
E-COMMERCE-
DET and noon launch Dubai Traders Program for SMEs: The Dubai Economy and Tourism Department and e-commerce outfit noon will help SMEs digitize their supply chains, build online presences, and access e-commerce channels under a new partnership, according to the Dubai Media Office. The program will offer incentives such as onboarding support, training, and increased online visibility to sellers, with additional benefits for Emirati entrepreneurs through noon’s Mahali program.
HEALTHCARE-
State-owned healthtech company M42 will manage Zayed Military Hospital in Al Batayeh under a partnership agreement signed with the Defense Ministry, Wam reported. The hospital, which is scheduled to begin full-scale operations in early 2025, provides specialized services to military personnel and their families through a network that includes Cleveland Clinic Abu Dhabi, Imperial College London Diabetes Centre, and Healthpoint.
