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TRADE-
The CBUAE inked a currency swap agreement with the National Bank of Ethiopia valued at AED 3 bn, Wam reports. The agreement will provide local currency liquidity, facilitating cross-border financial transactions.
The two banks also signed two MoUs aimed at boosting trade by agreeing on a framework for the use of local currencies in trade transactions, and integrating payment platforms and electronic switches — UAESwitch and ETHSwitch — together.
REMEMBER- The UAE has been exploring the use of local currency settlement for trade as more trading partners look to move away from the USD. India made its first INR payment for a crude oil shipment from the UAE last year.
AVIATION-
#1- Emirates SkyCargo to expand fleet with five Boeing 777s: Emirates SkyCargo has purchased five Boeing 777 freighters worth more than USD 1 bn, with delivery scheduled between 2025 and 2026, according to a statement. Coupled with its existing order of five 777 freighters, the additional jets brings the airline’s total order book to 315 wide-body aircraft. Once operational, the new aircraft will increase SkyCargo’s main deck cargo capacity by 30%.
Emirates is already converting 10 new 777-300ER aircraft into freighters to boost its freighter fleet to 17 by the end of next year.
#2- flydubai preps for network expansion: flydubai will receive seven new aircraft by the year’s end, in a bid to support network expansion with new destinations to Basel, Riga, Tallinn, and Vilnius, Wam reports. The airline also plans to onboard over 130 new pilots before the end of 2024 as part of its ongoing recruitment campaign, which has seen over 440 employees hired this year, up 6% y-o-y.
#3- Etihad Airways has expanded its network in Malaysia through a new codeshare agreement with Batik Air Malaysia, Wam reports. The partnership will allow the two airlines’ passengers to reach five additional Malaysian destinations with one single ticket: Johor Bahru, Langkawi, Penang, Kota Kinabalu, and Tawau. The network will also enable passengers to fly to Hanoi and Da Nang in Vietnam and Perth in Australia.
REAL ESTATE-
Aldar secures AED 1 bn from the sale of 660 units in Dubai: Real estate developer Aldar Properties has sold over 660 units in its debut Dubai project, Verdes by Haven, generating over AED 1 bn from the sale of the apartments within 72 hours of the project’s unveiling, according to a press release (pdf).
BANKING-
Al Maryah Community Bank (MBank) will integrate its services with First Abu Dhabi Bank’s FABePay portal, as part of a new partnership, according to a statement. The collaboration will allow retail and corporate MBank customers to access deposits at FAB’s nearly 400 ATMs across the UAE.
STARTUPS-
Khalifa Fund for Enterprise Development will offer zero-interest loans of up to AED 3 mn to Emirati startups, according to a statement. The loans will range between AED 150k and AED 3 mn, with repayment periods up to seven years and a 24-month grace period, and will be offered primarily to healthcare, education, agriculture, tourism, information and communication tech, and manufacturing startups.
The breakdown: The program will be divided into funds for startups, including microfinance loans of up to AED 500k and small loans of AED 1-5 mn; expansion funding, which can go up to AED 3 mn for manufacturing startups and AED 2 mn for others; and agritech, with loans ranging between AED 150k-400k.
MANUFACTURING-
EGA wraps design on EX: UAE-based aluminum producer Emirates Global Aluminum (EGA) completed the design phase of its new smelting technology, dubbed EX, which aims to reduce emissions from aluminum production, Wam reports. It was designed with two variants — one that maximizes production capacity, and one that minimizes greenhouse gas emissions. The productivity variant reduces emissions per ton by around 5%, while the lower energy variant cuts them down by nearly 12%.
What’s next? The company plans to construct ten pilot EX reduction cells at its aluminum smelter in Al Taweelah to test performance, targeting for EX technology to be ready for full industrialization by 2028. The pilot reduction cells are expected to be commissioned in 1Q 2025.
INFRASTRUCTURE-
#1- AD Ports Group subsidiary Kezad Group commissioned a new natural gas network in Kezad Area A of Al Ma’mourah, with a capacity of 311.2k mn British thermal units (MMBTtu) per day, according to a statement. The new network — which was developed by Kezad Utilities & Facilities Management with a capital investment of AED 300 mn — spans 30 km, and adds to the existing 82 km networks in ICAD of Kezad Musaffah and Kezad Al Ma’mourah.
#2- Dewa unveils AED 157 mn water reservoir in Lusaily: Dubai Electricity and Water Authority (Dewa) began operating a 60 mn-gallon water reservoir in the Lusaily area, integrating it into Dubai’s water network, Wam reports. Built with a total cost of AED 157.4 mn, the reservoir is part of Dewa’s plans to increase the emirate’s water storage capacity to 1121.3 mn gallons by 2025, Dewa CEO Saeed Mohammed Al Tayer said.
AGRICULTURE-
Spinneys to help slash Abu Dhabi’s food waste: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has extended its partnership with Spinneys to further cut food waste in the emirate, according to a statement. After a successful six-month trial that reduced food waste by 54% in select branches, the extended partnership will now redirect food waste from all Abu Dhabi branches to waste management plant Circa Biotech ’s feed production facility. There, the waste will be converted into animal feed, organic fertilizers, and sustainable biofuel.
HEALTHCARE-
Burjeel Holdings launched its 24/7 airport clinic at Zayed International Airport, offering various medical services including occupational and preventive care, health screenings, electrocardiogram (ECG) tests, and vaccination assistance, Wam reports.
BUSINESS-
Trends sets up shop in Cape Town: Abu Dhabi-based think tank Trends Research and Advisory opened a new office in Cape Town, South Africa, to serve as a gateway to Sub-Saharan Africa, and ramp up knowledge exchange and cooperation between African and Middle Eastern think tanks, Wam reports. The move comes as Trends kicks off the South African leg of its global African tour, which aims to promote dialogue and research collaboration.
INVESTMENT-
Abu Dhabi + Hong Kong to boost mutual investment: The Abu Dhabi Chamber of Commerce and Industry inked an MoU with Hong Kong’s FDI department InvestHK to promote bilateral investment between Hong Kong and Abu Dhabi, according to a press release. The agreement aims to draw investments to both cities and facilitate exchanging best practices between the two business offices.
ICYMI- The Abu Dhabi Chamber plans to ink 100 partnerships with other chambers of commerce and business offices across MENA, Asia, Europe, Australia, Africa, and Latin America by the end of 2024.
HOUSING-
DFF + MBRHE team up to drive housing innovation in Dubai: Dubai Future Foundation (DFF) inked an MoU with the Mohammed Bin Rashid Housing Establishment (MBRHE) to advance innovative research in the housing sector, according to a statement. The partnership will see the DFF devise a standard framework for sustainable housing development proposals, and the two sides launch a cohort program for startups and tech firms, geared towards accelerating the development and adoption of innovative housing solutions across Dubai.
