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ENERGY-
Adnoc secures another 15-year LNG supply agreement for Al Ruwais: Abu Dhabi National Oil Company (Adnoc) signed a preliminary 15-year agreement with German energy giant Energie Baden-Württemberg, to supply it with 0.6 mn tons of liquefied natural gas (LNG) per year, Wam reports. The LNG will be sourced from Adnoc’s lower-carbon Ruwais LNG project in Abu Dhabi, with deliveries set to begin in 2028 once the facility is operational. A finalized agreement will be subject to receiving regulatory approval and the companies reaching a definitive sale and purchase agreement.
REMEMBER- Adnoc is yet to make a final investment decision on the Ruwais project, but a final call is expected to be reached in 1H 2024. With the facility set to double the firm’s LNG export capacity, Adnoc will use its own funds to further expand production.
This is the third long-term LNG supply agreement for the project: Adnoc inked similar 15-year agreements with China’s ENN Natural Gas and SEFE Marketing & Trading Singapore, a subsidiary of Germany’s state-owned energy firm Securing Energy for Europe, to deliver to each some 1 mn tons of LNG annually from the new plant.
TRADE-
#1- Ramping up trade with Uzbekistan: The Dubai Integrated Economic Zones Authority (DIEZ) inked an agreement with Uzbekistan’s Investment, Industry, and Trade Ministry to increase trade, with a focus on tech and sustainability, according to the Dubai Media Office. The two sides also agreed to establish a joint digital platform for cooperation.
ICYMI- The UAE and Uzbekistan also recently inked agreements across sectors like tech and AI, trade, and wastewater treatment, including an MoU to co-invest in digital infrastructure in Uzbekistan, as part of the latest session of their joint economic committee.
#2- More trade with Korea, too: Dubai Chambers inked an MoU with Invest Seoul to ramp up investment and trade between Dubai and Seoul, focusing on trade missions, conferences, and business events, according to the Dubai Media Office. The chamber also signed an agreement with the Korea Federation of SMEs to promote partnerships between companies in Dubai and South Korea.
Fast fact: Non-oil bilateral trade between Dubai and South Korea reached over AED 16.5 bn in 2023. Some 289 South Korean companies are currently registered as active members of the Dubai Chamber of Commerce.
FINANCE-
#1- Singapore-based payments company Nium and Emirates NBD are partnering to streamline cross-border payments in the UAE, particularly remittances, with Emirates NBD using Nium’s platform and global network, a press release reads.
#2- EIF pushes for more financial literacy: The Emirates Institute of Finance (EIF) inked five MoUs with local and international educational institutions and universities, in a bid to accelerate skills across finance, banking, and ins. sectors, and to ramp up financial infrastructure, Al Bayan reports. The agreements include partnerships with the Anwar Gargash Diplomatic Academy and the University of Birmingham Dubai to integrate financial training programs into the curriculum and promote expertise and resource swapping. EIF also signed agreements with Harvard University and MIT’s e-learning platform EdX, the Taiwan Academy of Banking and Finance, and the CFA Society Emirates.
FINTECH-
Liv to tokenize real-world asset investing: Emirates NBD’s digital bank Liv inked an MoU with B2B alternative asset solutions provider Ctrl Alt to explore infrastructure solutions for tokenizing real-world assets, Wam reports. Asset tokenization is projected to reach USD 16.1 tn in value by 2030, Emirates NBD Group Head of Retail Banking and Wealth Management Marwan Hadi said, citing a report by the Boston Consulting Group.
VENTURE CAPITAL-
Hacken to work on blockchain compliance for Klumi: Abu Dhabi-based blockchain venture capital firm Klumi signed an agreement with blockchain security auditor Hacken to ensure the security of all Klumi’s blockchain and investment activity within the Abu Dhabi Global Market (ADGM), according to a press release. Under the partnership, Hacken will run its monitoring technologies across Klumi Ventures’ portfolio companies, to conduct “real-time security assessments and ensure continuous compliance with ADGM’s standards.”
REFRESHER- Klumi Ventures obtained a license to operate in ADGM last month, allowing Klumi to launch two funds, a USD 100 mn fund for investing in decentralized sectors, and a USD 15 mn qualified investors fund for pre-seed and seed investments in early-stage Web3 startups.
SUSTAINABILITY-
The Abu Dhabi Dark Sky Policy was introduced to protect the visual appeal of the night sky and promote sustainability in Abu Dhabi, according to a Abu Dhabi Media Office statement. The initiative is dedicated to countering light pollution by promoting responsible lighting practices. It is in line with global efforts led by the International Dark Sky Association, focusing on sustainable lighting systems, environmental conservation, wildlife protection, scientific exploration, public health, and sustainable progress.
TRANSPORT-
The pilot phase of the Cabby app for taxi drivers in Ajman is now underway, Khaleej Times reports. The app aims to up the efficiency of drivers affiliated with franchise companies in the emirate through features like monitoring trip earnings, outstanding payments, and performance indicators.
TOURISM-
#1- The Dubai Department of Economy and Tourism (DET) and Emirates have partnered to enhance Dubai’s reputation as a trade, tourism, and investment hub through joint initiatives, Wam reports.
#2- Emirates and MSC Cruises extended their collaboration for an additional two seasons, according to a Dubai Media Office statement. Over the next two years, customers can reserve a Fly&Cruise vacation bundle with MSC Cruises, encompassing round-trip Emirates flights from 21 airports spanning Europe and South America.
#3- Etihad, JetBlue expand partnership with loyalty benefits: Abu Dhabi hub carrier Etihad Airways and US airline JetBlue introduced loyalty benefits to their codeshare partnership, according to a statement by Etihad. The benefits — which logged into effect yesterday — allow members of JetBlue’s TrueBlue loyalty program and Etihad Guest to earn and redeem rewards when flying with either airline. Redemption options were also expanded as part of the agreement, with Etihad Guest miles redeemable for flights, hotel stays, and reward cards.
Fast fact: Etihad and JetBlue’s partnership dates back over a decade, and grids Boston and New York to over 70 destinations in Etihad’s network and 40 destinations in JetBlue’s network within the Americas.
