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INVESTMENT-
Alcazar Energy is investing USD 500 mn to build a 400 MW wind farm in North Macedonia, Al Bayan reports. The project — which is set to be North Macedonia’s largest wind plant — will be located 75 km south of the Macedonian capital of Skopje and will increase the country’s wind energy generation more than fivefold, generating enough energy for more than 100k homes annually. The project will bring the firm’s investments in the Western Balkans region to some USD 1 bn.
BANKING-
Mashreq will soon have instant cross border transactions in some markets: Our friends at Mashreq along with Singapore’s DBS Bank will work together to introduce same-day and near-instant cross-border payments for Mashreq’s retail customers, Reuters cites the two banks as saying. The initiative will roll out DBS’s cross-border payment solution which includes 132 currencies across 190 markets. The peer-to-peer international payments will apply to selected markets across the Asia Pacific region, Europe, and the Americas.
Mashreq has also extended their partnership with computer tech company Oracle, a press release reads. Mashreq will upgrade its core systems with Oracle solutions in key international hubs, including Hong Kong, the US, and the UK. The lender is also establishing digital banks in Pakistan and Oman.
Emirates NBD will now offer online auto loan initiation through its exclusive partnership with Indian multinational online used car marketplace CARS24, a press release reads. Customers can get pre-approval within 10 minutes and final loan approval in two days, without physical visits. This partnership aims to streamline the process of buying and financing cars in the UAE.
FINANCE-
CBUAE issues open finance framework: The Central Bank of the UAE (CBUAE) issued the Open Finance Regulation to promote soundness and efficiency of open finance services, as part of its Financial Infrastructure Transformation program, Wam reports. The regulation includes a trust framework, an application planning interface hub, and common infrastructural services, geared at facilitating cross-sectoral data sharing and transaction initiation on behalf of users. The open finance framework also includes a consumer consent model for sharing financial data with trusted third parties.
Participation in the framework is mandatory for all financial institutions licensed by the CBUAE as data holders and service owners.
LOGISTICS-
Etihad Cargo to ramp up North America capacity: Etihad Cargo is set to expand its freight capacity to the North American market to meet rising demand, according to a statement. Collaborating with partner networks, the carrier plans to incrementally add 250 tons of weekly capacity to North American destinations, including New York, Chicago, Washington, and Toronto, with connections through European hubs like Lisbon and Barcelona. Currently, Etihad’s wide-body capacity to North America stands at 550 tons, with 445 tons to the US through 30 weekly flights and 105 tons to Canada via daily flights.
AVIATION-
Etihad to onboard more pilots: Etihad Airways will launch an international roadshow to recruit hundreds of pilots in 2024 and 2025, starting in eight cities across Europe before expanding to more global locations, it said in a statement. The move comes as Etihad looks to support its expansion plans, with the airline planning to double its fleet size by 2030.
SECURITY-
Automated compliance screening for fraud to operate in ADIB: Abu Dhabi Islamic Bank (ADIB) and Singapore-based financial crime prevention firm Silent Eight have agreed to incorporate Silent Eight’s AI-powered financial crime alert system into the bank’s screening process, according to a press release. As part of the agreement, ADIB will automate its “alert screening investigation process to improve the efficiency, accuracy and auditability of the bank’s compliance operations,” the statement adds.
TRADE-
The Dubai Chamber of Commerce formed a Colombian Business Council to increase bilateral trade between the UAE and Colombia, the Dubai Media Office writes. The new council aims to promote collaborations between the private sectors of both countries.
The UAE and Georgia launched their Comprehensive Economic Partnership, slashing customs duties on 95% of goods to boost trade in sectors like tourism, real estate, and renewable energy, Wam writes. By 2031, bilateral trade could triple to USD 1.5 bn, adding USD 3.9 bn to UAE’s GDP and USD 291 mn to Georgia’s.
The Ajman Chamber discussed boosting economic and trade ties with Turkmenistan at the UAE-Turkmenistan Business Forum in Ashgabat, focusing on tourism, construction, energy, logistics, aviation, and agricultural products sectors, Wam reports.
TOURISM-
Abu Dhabi + Fujairah want more people to visit their museums: Abu Dhabi’s Department of Culture and Tourism and Fujairah’s Tourism and Antiquities Department inked an MoU to work together on boosting museum visitor figures and tourism across both emirates, according to a statement. Under the agreement, the departments will conduct joint training initiatives and marketing campaigns aimed at increasing local and global tourism in both emirates.
DEVELOPMENT-
The OPEC Fund for International Development launched a new USD 605 mn development fund, according to Wam. The fund is being allocated for financing global food security, climate action, and essential infrastructure initiatives, with USD 3 mn earmarked for the development of the OPEC Fund Food Security and Climate Adaptation Facility.
RETAIL-
Dubai-based Al Khayyat Investments (AKI) has been selected as the sole distributor for US-based household appliance-producer SharkNinja in the UAE, according to a press release. This marks SharkNinja’s debut in the Middle East. Based in Dubai, AKI is a family-owned conglomerate involved in various sectors such as pharma, automotive, and contracting.
