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REAL ESTATE-
Real estate developer Dar Global and Aston Martin will create a USD 250 mn luxury beachfront residence development in Ras Al Khaimah, according to a press release. The project is set to be unveiled in May and completed by 2028 in collaboration with Aarvees Group. Aston Martin’s design team will be responsible for creating the interiors for this project, located on Al Marjan Island near the Wynn Resort.
ENVIRONMENT-
Empower connects Al Wasl skyscraper to its network: Emirates Central Cooling Systems Corporation PJSC (Empower) has begun the process of connecting Dubai’s Al Wasl skyscraper to its district cooling network, according to a DFM filing (pdf). The connection will take place over two phases, with the first already underway and the second scheduled to start in 2H 2024. Once completed, the skyscraper will get 3.9k refrigeration tons (RT) of eco-friendly cooling capacity.
About the tower: The Al Wasl Tower stands at 302 meters with 65 levels and is now the world’s tallest building with a ceramic façade, according to the filing.
Manufacturing of single-use plastic bags is now banned in Sharjah, Sharjah municipality said in a statement, directing all manufacturers to halt production. This move follows Sharjah Executive Council’s decision to ban single-use plastic bag usage, which took effect last January.
BANKING-
Shariah-compliant financial services are now available on Botim: Abu Dhabi Islamic Bank (ADIB) partnered with Astra Tech to integrate its Shariah-compliant financial products and services into the Botim app, reports Wam. ADIB is the first bank in the UAE to provide integrated financial services via Botim.
CAPITAL MARKETS-
The ADX inked an agreement with the Republican Stock Exchange Toshkent (RSE) in Uzbekistan to boost cooperation, according to a press release. The ADX and RSE will cooperate to improve their electronic trading and post-trading systems, exchange modern trading methods and technologies, and collaborate on educational and training programs aimed at fostering market growth and innovation. The MoU also sets the stage for RSE’s inclusion as the fifth member of the Tabadul Digital Exchange Hub, the first digital exchange center in the region “based on mutual market access.”
The DFM is set to launch new futures contracts for Omani crude oil, Hapi Journal reports. These contracts, in cooperation with the Dubai Energy Exchange, will be available for trading starting tomorrow, with futures extending to June 2025.
Security solutions provider Delinea has expanded in Dubai with a new Azure Data Center, enhancing Privileged Access Management (PAM) solutions for the Middle East, according to a press release. The new center provides customers in the region with more deployment choices, catering to their compliance requirements through the company’s improved cloud infrastructure on Azure.
LEGISLATION-
The Sharjah Consultative Council (SCC) approved a draft law to establish the Rental Disputes Center in Sharjah after several amendments, Wam reports. The law will regulate rental disputes and replace existing committees. The center’s objective is to boost stability, govern rental relationships, and ensure fairness and effectiveness in resolving disputes.
TECH-
AI company G42 subsidiary Core42 has partnered up with US-based AI and machine learning firm Qualcomm to use its Cloud AI 100 products in its Condor AI platform, state news agency Wam reports.
One of several Emirati-American collaborations on AI: Microsoft last week invested USD 1.5 bn in G42 as part of a growing trend towards cooperation with the US over AI, as the latter looks to trump Chinese investments in the technology. G42 has been looking to expand in Western markets, and has offloaded all its stakes in Chinese businesses in a bid to reportedly appease US partners.
CRYPTO-
Binance will use VASP license to expand services: Crypto exchange Binance is planning to offer a wider range of virtual asset products to retail clients, including spot and leverage trading, as well as staking products, after bagging a license from Dubai’s Virtual Assets Regulatory Authority last week, Binance CMO Rachel Conlan told Sky News Arabia. The new license also allows the company to offer passive income opportunities. The company aims to provide the largest range of regulated virtual asset services both in the UAE and globally, Conlan adds.
FINANCIAL SERVICES-
Al Ansari Exchange was awarded with the Payment Card Industry Data Security Standard (PCI DSS) certificate of compliance for 2024 after meeting the required data protection, encryption, vulnerability management, and network security standards, according to a DFM disclosure (pdf).
EDUCATION-
Abu Dhabi gets new agri-robotics center: A joint research center focusing on agri-robotics and automation will launch in Abu Dhabi’s Al Ain, owing to a collaboration between Khalifa University of Science and Technology and agri-tech food company Silal to ramp up innovation in the sector, according to the Abu Dhabi Media Office. The center will host support programs for startups and training programs for Khalifa University students and farmers, with research areas covering crop monitoring using AI-powered robotic platforms, computer vision for disease detection, and autonomous robotic systems for food production.
