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TECH-
The Central Bank of the UAE launched the Innovation Hub at the Emirates Institute of Finance in Dubai, aimed at promoting technological transformation and developing national competencies in financial innovation, state news agency Wam reports.
The details: The hub is part of the Financial Infrastructure Transformation Program, which includes nine initiatives to accelerate digital transformation in the financial sector. It features six laboratories designed for collaboration among students, researchers, and finance professionals.
Several MoUs were inked at the inauguration, including:
- An agreement with Udacity and Accenture to upskill 5k learners in data analytics and cybersecurity;
- An agreement with Ernst & Young to support sustainable digital solutions in the financial sector;
- An agreement with Microsoft to provide AI training for 10k professionals in the financial services sector.
MARITIME-
Singapore-based Seagull New Horizon Offshore and Maritime launched a new 162k sqft facility at Hamriyah Freezone to support ship repairs, maintenance, and marine equipment development, Wam reports. It will mainly focus on the oil, gas, and wind energy sectors to attract offshore oil companies and international shipowners.
AVIATION-
#1- Mubadala and Safran partner up: Mubadala Investment Company and French aerospace and defense corporation Safran partnered up to accelerate aerospace development, according to a press release. The agreement focuses on maintenance, manufacturing, human capital development, advanced materials, and space. It also aims to expand Strata’s manufacturing strengths to include engine components, while enhancing capabilities in air traffic management, Earth observation, and propulsion systems.
#2- Etihad Cargo extended its MoU with the Industry and Advanced Technology Ministry to provide preferential air cargo rates for In-Country Value (ICV)-certified companies, according to a press release. Under the agreement, ICV-certified companies will receive a 25% reduction on air cargo tariffs, facilitating their operations within the UAE and enhancing access to international markets. This builds on the original agreement established in 2021.
#3- Emirates will add a fifth weekly flight between Madagascar and Seychelles from 13 December 2024 to 10 January 2025, to cater to heightened demand during the holiday season, according to a statement. The extra flights on the Dubai-Antananarivo route will boost the airline’s capacity to over 1.8k seats in each direction weekly.
CAPITAL MARKETS-
Multi-asset fintech and capital markets solutions provider Centroid will now allow clients to trade in UAE’s key markets, Nasdaq Dubai, Dubai Financial Market (DFM), and the Abu Dhabi Securities Exchange (ADX), after successfully integrating with Dubai-based investment bank Arqaam Capital, according to Centroid’s press release.
EDUCATION-
The Indian Institute of Management-Ahmedaba will open its first overseas campus in Dubai in 2H 2025, Gulf News cites Indian Ambassador to the UAE Sunjay Sudhir as saying.
REMEMBER- Another Indian educational institute is coming: The Indian Institute of Foreign Trade (IIFT) will also open its first overseas campus in Dubai early next year. The IIFT campus will be located at the India Pavilion in Expo City Dubai.
STARTUPS-
US blockchain platform Sui’s web3 hub in Expo City Dubai launched a global accelerator program in collaboration with Brinc, Coinlist, Ghaf Capital Partners, as part of its push to grow Sui’s developer ecosystem globally and onboard an additional 1 bn users to Web3, according to a press release. The 12-week program offers funding, technical mentorship, and networking windows, with selected startups eligible for up to USD 200k per team based on milestone achievements.
Who’s eligible? The program targets innovative projects with minimum viable products (MVPs), real-world applications, and scalability, particularly those that haven’t launched their tokens yet. Applications are open until 20 December, 2024 via the SuiHub Accelerator portal.
REFRESHER- Sui opened a web3 hub in Expo City Dubai in partnership with Ghaf Group last month to offer local Web3 startup founders access to workshops, technical support, community events, funding, and needed expertise.
PAYMENTS-
#1- Umm Al Quwain’s Smart Government Department partnered with several fintechs to enhance the emirate’s payment system in government agencies and introduce services like buy now, pay later,, Wam reports.
#2- UAE fintech Fundbot partnered up with Mastercard to launch a payments platform that connects buyers and suppliers, initially focusing on early claim settlements in the healthcare sector to address payment delays, according to a press release.
The details: The platform will feature Fundbot’s discount product, which incentivizes quicker B2B payments, and an AI tool to recommend optimal discount rates based on industry trends. It will also use Mastercard’s In Control for Commercial Payments to issue virtual cards for suppliers.
BUSINESS-
Imdaad expanded into Oman through a joint venture with Oman Real Estate and Investment (Oris), part of Ominvest Group, state news agency Wam reports. The JV — Omdaad — will provide comprehensive facility management solutions across Oman. The company also recently expanded into Egypt.
SUSTAINABILITY-
#1– The UAE launched the Mangrove Alliance for Climate (MAC) 2031 Strategy at COP29 in Azerbaijan during MAC’s ministerial meeting, which was chaired by UAE climate change and environment minister Amna Al Dahak, Wam reports. The strategy will see the MAC members collaborate to scale mangrove restoration and conservation worldwide.
#2- Siemens to boost buildings’ energy efficiency in UAE: Siemens Smart Infrastructure has partnered with the UAE Ministry of Energy and Infrastructure to retrofit 60 government buildings with advanced technology aimed at achieving up to 27% energy and water savings, according to a statement. The program — which targets healthcare and education facilities — is expected to reduce CO2 emissions by 15.4k metric tons annually.
Not the first collaboration with Siemens: The collaboration follows a successful pilot in which Siemens retrofitted seven ministry buildings, resulting in 20% energy and water savings. Last September, the UAE’s Energy and Infrastructure Ministry signed an MoU with Siemens Energy to boost sustainable development, grid infrastructure, and climate action.
