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CRYPTO-
Bybit inches closer to getting a full operational license in Dubai: Bybit, the world’s second-largest cryptocurrency exchange by trading volume, secured provisional approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority, according to a statement (pdf). The non-operational approval allows Bybit to serve retail and institutional investors.
Background: Bybit established its global headquarters in Dubai in 2022.
BANKING-
#1- Emirates NBD’s customers will now be able to trade in local equity markets on their banking app, ENBD X, through a new digital wealth management platform, according to Dubai’s Media Office. The platform gives customers access to over 11k global equities and 150 regional equities.
#2- The Central Bank of the UAE (CBUAE) slapped an undisclosed bank operating in the Emirates with a AED 5 mn fine for failing to abide by laws on anti-money laundering and combating the financing of terrorism, according to a circular from the central bank. The CBUAE ordered the lender to inform the board of its offshore headquarters with the action.
REAL ESTATE-
#1- VTP Realty launches its first int’l sales office in Dubai: Indian real estate developer VTP Realty launched its first offshore sales office in Dubai targeting Indian expats in the GCC region who want to buy homes in Pune, where it is headquartered, according to a press release. The company will provide online registration services for properties, allowing them to register them remotely.
#2- Dutco Construction was awarded an AED 850 mn contract to build Meraas’ newest residential tower on Jumeirah Bay Island, Wam reports. The 27-storey Bvlgari Lighthouse is scheduled to be completed by 2Q 2027. It features four- and five-bedroom luxury penthouses, in addition to an eight-bedroom villa at the top three levels.
INS.-
Al Fujairah National Ins. launched the region’s first car ins. offering against natural catastrophes FloodGuard, the region’s first car insurance against natural catastrophes like floods and storms, Wam reports. The coverage limits range between AED 25k and AED 50k for a one year period, covering vehicles used exclusively for personal purposes, including those over seven years old that may not qualify for comprehensive ins.
LOGISTICS-
#1- Etihad Rail Freight inked a haulage services agreement with local construction firm Trojan General Contracting to boost delivery operations to key industrial hubs in the UAE, according to a statement.
What we know: Under the agreement, Etihad Rail will provide first and last-mile delivery services to Trojan’s quarries in Ras Al Khaimah (RAK) and Fujairah, and use its existing network to transport aggregates via its Al Ghail Dry Port rail terminal to the Abu Dhabi Industrial City and Dubai Industrial City. The freight forwarder will also provide secure storage facilities for Trojan’s goods at its Al Ghail Dry Port terminal in RAK and subsequent delivery terminals in the UAE.
#2- Aramex taps Smartt AI’s e-commerce solutions to boost UAE operations: Dubai-based Smartt AI will use its AI-driven end-to-end e-commerce solutions to boost the operational efficiency of Aramex’s fulfillment and last-mile delivery services in the UAE under a new partnership, according to a statement. Plans to expand the partnership to Saudi Arabia are also in the cards.
What we know: The pair will integrate a unified dashboard system to boost last-mile delivery tracking and oversight capabilities. The two parties will also adopt Application Programming Interfaces (APIs) to streamline bilateral communication and operations.
TOURISM-
Emaar Hospitality Group signed an MoU with Dubai’s Department of Economy and Tourism to boost Dubai’s tourism sector via marketing campaigns, tourism products, and training programs, Wam reports.
HOSPITALITY-
Kuwait’s IFA Hotels and Resorts signed a contract worth AED 279.5 mn with UK-based Innovo Build Group for the construction of the Dorchester Collection’s Orla Infinity project in Palm Jumeirah, Dubai, according to a DFM disclosure (pdf). The financial impact of the project has not yet been determined.
INDUSTRY-
The UAE secures a seat on the ISO board: The UAE became a member of the International Organization for Standardization (ISO) board, after securing 86 votes during the organization’s recent annual meetings in Colombia, Wam reports. The UAE’s membership tenure will last between 2025 and 2027.
BUSINESS-
LEK Consulting launches a regional office in Abu Dhabi: Global strategy consulting firm LEK Consulting opened its first regional offices for the GCC region, one in Abu Dhabi and another in Riyadh, according to a statement (pdf).
