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BANKING-
The Central Bank of the UAE enrolled in Project Aperta in a bid to boost cross-border interoperability for financial institutions and businesses in the country, according to a press release (pdf).
What is Project Aperta? Launched by the Bank for International Settlements Innovation Hub last week, Project Aperta connects open finance infrastructures across several jurisdictions to address challenges in trade finance for businesses. The project aims to lower costs and expedite international trade and shipping — especially for SMEs — by facilitating the transfer of trade finance data.
Who else has joined? The Central Bank of Brazil, the Financial Conduct Authority of the
UK, the Hong Kong Monetary Authority, the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative, and the Hong Kong University Standard Chartered Foundation FinTech Academy have joined the initiative.
LOGISTICS-
Aramex + ZK Holding set up logistics JV: Aramex has launched a JV with Abu-Dhabi based investment company ZK Holding to boost logistics, shipping, and courier services in Iraq, with operations expected to start in 2025, according to a statement released on Thursday.
The JV will provide fully integrated services that include domestic and international courier, freight forwarding, and contact logistics to support local, international, corporate, and retail businesses, as well as facilitate cross-border trade. It will unlock new trade lanes and provide access to new markets for businesses in Iraq, according to the statement. Aramex will be able to expand its footprint in Iraq through ZK Holding to over 7k points of sales across the country for widespread pick-up and drop-off services.
CONSTRUCTION-
Dubai-based real estate developer Jad Global broke ground on its AED 250 mn residential project 171 Garden Heights in Jumeirah Garden City, according to a press release. The development will feature 171 fully furnished units, including studios and one- and two-bedroom apartments. The handover date was not disclosed.
Jad Global has more in the pipeline: The company plans to invest over AED 1 bn over the coming months in future projects in Jumeirah Garden City, it said in the statement.
MANUFACTURING-
Schneider Electric opened a new production facility for AI-ready, prefabricated modular data centers in Sharjah’s Hamriyah Free Zone, Wam reports. Local components will account for 70% of the facility’s output.
