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INVESTMENT-
IOTA launches USD 10 mn tradetech investment fund: Global tech network IOTA’s newly-founded vehicle, IOTA Ecosystem DLT Foundation, officially launched its new USD 10 mn fund at an event in Abu Dhabi yesterday, Wam reports. Launched in partnership with global trade infrastructure TLIP, the USD 10 mn vehicle is geared toward funding UAE-based African startups and ventures in the fields of tangible asset tokenization, tradetech and trade finance.
SOUND SMART- Asset tokenization is a process that represents digital tokens as tangible assets, such as financial assets, bonds, shares or equity, stretching to art, commodities, intellectual property and real estate.
Background: IOTA launched IOTA Ecosystem DLT Foundation in November, with over USD 100 mn in IOTA tokens in seed funds. The foundation is the first established under Abu Dhabi Global Market’s distributed ledger technology (DLT) foundations regulations, which were introduced in February.
ENERGY-
#1-Barakah nuclear plant is now online: The Barakah Nuclear Energy Plant is now fully operational after the fourth and final reactor of the plant has been successfully connected to the UAE’s power grid, according to the Emirates Nuclear Energy Corporation. The unit will amp up the power grid’s capacity by 1.4k MW of clean energy.
ICYMI– Earlier this month, Enec’s operating and maintenance subsidiary Nawah Energy Company started up the plant’s fourth unit. The fourth unit has generated more than 60GWh of clean electricity. After starting full commercial operations later this year, the plant expects to offset some 22.4 mn tonnes of emissions with 40 TWh of generated electricity annually.
#2-Positive Zero sets its sights on UAE + Oman: Dubai-based decarbonization firm Positive Zero and Schneider Electric have inked an agreement to ramp up the adoption of clean energy technologies in the UAE and Oman, according to a Thursday press release (pdf). The agreement will see the two companies cooperate on distributed microgrid projects, clean mobility solutions, energy efficiency, and sustainability.
Fast facts: The global energy-as-a-service market is expected to cross USD 112 bn by 2030 on the back of a heightened adoption of distributed energy resources and green solutions, the press release adds, citing SkyQuest Technology. American multinational investment firm BlackRock pledged a USD 400 mn investment in Positive Zero in December 2023.
#3- Beeah’s solid waste management JV in KSA gets a nod: The General Authority for Competition (GAC) approved the setup of a joint venture comprising Madinah Regional Municipality’s investment arm Al Mqr Development, Saudi Investment Recycling (SIRC) subsidiary Akam and UAE’s waste management firm Beeah for solid waste management in Madinah, Arab News reported yesterday. The JV is set to tackle sewage control and treatment hurdles in Madinah through developing sorting stations, public landfills and other infrastructure. No further details were provided on the joint venture or when it plans to begin operations.
TRANSPORT-
US-based air taxi startup Joby expects to launch commercial operations in Dubai as early as the end of next year, before launching in the US, Joby’s president of operations, Bonny Simi, told Bloomberg. Progress on a partnership with Dubai is “a bit more advanced in the approach that they’re taking” compared to other regions, according to Simi, who also credits Dubai’s government’s efforts to “remove roadblocks” for helping “de-risk” that initial launch. The US-based firm plans to initiate its air taxi services in the UAE by late 2025 or early 2026.
