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CAPITAL MARKETS-
HSBC has debuted its global wealth trading platform WorldTrader in the UAE to offer its UAE-based customers with international investment options, according to a press release. The platform includes 77 stock exchanges across 25 markets, covering 80% of global stock market capitalisation, allowing the lender’s Wealth and Personal Banking (WPB) customers to trade equities, ETFs, and bonds as well as to invest in mutual funds and fixed income products. HSBC introduced the platform in the UAE as its first market, with plans to launch it later in select countries in the Middle East and Asia.
RETAIL-
Spinneys officially expands to KSA: Spinneys has opened its first store in Saudi Arabia at La Strada Yard, Riyadh, according to a press release (pdf) by the company. The new location spans 43,520 sqft, with in-house production capability for fresh goods. The company plans to open three more stores in Riyadh and Jeddah in 2024, and 12 stores in the rest of the Kingdom by 2028.
SECURITY-
Katim teams up with Thales to develop HF radio communication technologies: EDGE Group subsidiary Katim has inked a declaration of intent with the French defense company Thales to co-develop high-frequency radio communications solutions in the Emirates, according to a statement from Thales. The signing took place on the sidelines of the international defense expo Eurosatory.
SHIPPING-
Dubai firm’s tanker first to sail through Red Sea since January amid attacks: A liquefied natural gas (LNG) tanker owned by Dubai-based Lule One Services and managed by Dubai-based Nur Global Shipping traveled through the Red Sea last Tuesday, marking the first tanker to sail through the Bab al-Mandab strait since January after the Houthi attacks began in November, Reuters reports, citing ship tracking data from LSEG and Kpler.
The tanker — named Asya Energy — crossed the strait during the same week a vessel was sunk and “may soon become the first vessel to take the Red Sea passage since 12 January after waiting around the coast of Oman since mid-January,” Ana Subasic, natural gas and LNG analyst at data and analytics firm Kpler told the news outlet.
REAL ESTATE-
#1- Samana Developers unveils AED 855 mn Dubailand project: Dubai-based Samana Developers has launched Samana Ivy Gardens 2, a new AED 855 mn development in Dubailand, Arabian Business reports. The 35-story residential project will contain 843 units and is scheduled for delivery by November 2027.
#2- Stake joins the state-run REES initiative: The Dubai Land Department has added the real estate investment platform Stake to its Real Estate Evolution Space Initiative (REES) — which aims to attract proptech companies and support innovation in the sector — according to a statement from the authority.
About Stake: Established in 2021, the platform offers real estate investment options starting from AED 500 and allows investors to manage their transactions.
#3- Aldar Properties launches new residential project in Dubai: Abu Dhabi’s Aldar Properties has announced the soft launch of its most recent residential development in Dubai Verdes by Haven, which was developed in partnership with Dubai Holding, the company said in a statement. Verdes’ public launch is slated for 11 July, offering one-, two-, and three-bedroom apartments with prices starting from AED 990k.
PAYMENTS-
Abu Dhabi Islamic Bank (ADIB) has adopted ProgressSoft’s payment hub platform to ease remittance transfers, a press release reads. ADIB has collaborated with the Jordan-based payment solutions company to integrate cross-border transfers.
TRADE-
UAE + Czech boost trade ties: The federal export credit company Etihad Credit Ins. signed an agreement with the Czech Republic’s Export Guarantee and Ins. Corporation (EGAP) to establish a reins. framework, aimed at strengthening bilateral trade between the UAE and the Czech Republic, Wam reports. Under the agreement, both countries will collaborate to tackle “risks related to sovereign and quasi-sovereign debtors,” and provide credit solutions and ins. facilities for private sector debtors.
LOGISTICS-
Etihad Cargo adds new routes to Madrid: Etihad Cargo, the logistics and cargo arm of Etihad Airways, is launching two new flights to Madrid per week, Wam reports. The Boeing 777 freighter flights will add over 200 tonnes of cargo capacity for Europe, and will run between Abu Dhabi and Madrid. This will bring the total number of flights to Spain to 25 per week.
SPORTS-
UAE FA launches a funding program for tier 2 clubs: The UAE Football Association (UAE FA) has launched the Sports Excellence Funding Programme, with AED 12.5 mn earmarked annually, to provide “financial, technical, administrative, and logistical support” for clubs in the First Division League, the second tier in the Emirati football leagues, Wam reports.
AVIATION-
Flydubai adds more flights to Pakistan: Budget airline flydubai will run daily flights to Pakistan’s capital Islamabad and its second-largest city Lahore starting 1 July, Wam reports. The company has been operating flights to Pakistan since 2010, including to destinations like Faisalabad, Karachi, Multan, Quetta, and Sialkot.
Emirates to double daily flights to Amsterdam: Emirates will begin operating two daily flights to Amsterdam, up from one daily flight currently, starting 27 October, Simple Flying reports.
Emirates unveils AED 3.5 mn lounge in Paris: Airline Emirates inaugurated a AED 3.5 mn premium lounge at Paris’ Charles de Gaulle airport, located in Terminal 2C, according to a company statement. The lounge—which includes shower facilities, complimentary Wi-fI, and a selection of food and beverages—can accommodate up to 165 guests.
Sharjah to build Uganda’s third airport: The Sharjah Chamber of Commerce and Industry has inked an agreement with Uganda to build a new international airport for the East African country for an undisclosed sum, according to a statement by Ugandan President Yoweri Museveni office. Sharjah’s chamber is scheduled to commence construction next August, Reuters reports, citing Chairman Abdallah Sultan Al Owais.
FINANCE-
Wio Bank embeds finance services for SMEs: Abu Dhabi-based Wio Bank launched a new finance service on its digital banking application, Wio Business, targeting small and medium-sized enterprises (SMEs) in the UAE, Gulf News reports. The new service, dubbed Embedded Finance, allows businesses to link their accounts with selected software platforms— eliminating the need for third-party intermediaries—and automates bookkeeping processes, including the reconciliation of bank statements. It looks to streamline delivery and management of financial services for SMEs.
