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CAPITAL MARKETS-
CBUAE partners with Hong Kong to boost cross-border debt issuance: The Central Bank of the UAE (CBUAE) signed an MoU with the Hong Kong Monetary Authority (HKMA) to streamline cross-border debt securities issuance by connecting debt capital markets and related infrastructure in the UAE and Hong Kong, Wam reports. The agreement aims to formalize a cooperation framework between both parties following initial discussions that took place in May 2023.
REGULATION WATCH-
Interior Ministry + FSRA team up to boost anti-money laundering efforts in the virtual assets sector: The Interior Ministry inked an MoU with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market to boost collaboration on combating money laundering crimes tied to virtual assets, according to a statement from the ministry.
REMEMBER- Developing stricter regulatory frameworks in sustainable finance and digital assets has been a top priority for the FSRA, leading to its removal from the Financial Action Task Force (FATF)’s “graylist,” after being listed in 2022 on suspicions of money laundering and terrorism financing.
ENERGY-
Al Nasr Contracting lands Abu Dhabi’s first petroleum product trading permit: Al Nasr Contracting Co. secured the first petroleum products trading permit issued by Abu Dhabi Petroleum Products Trading Regulatory Committee, an Abu Dhabi’s Energy Department (DoE) body, Wam reports.
REFRESHER- The DoE revealed plans in October to tighten regulation of non-Adnoc petroleum products and gas-related activities in the emirate in 4Q 2024. The regulations were first introduced in August in a bid to set blanket safety standards for the petroleum products sector, with plans to create a mandatory register of all certified gas companies and operators.
AVIATION-
Air Arabia adds flights to Poland, Austria: Sharjah-based budget airline Air Arabia launched its first direct routes to the capitals of Poland and Austria, Wam reports. The Warsaw, Poland route will operate five times a week between Sharjah International Airport and Warsaw Chopin Airport. Meanwhile, the route to Vienna International Airport will operate four times a week.
PHARMA-
Hoechst Pakistan to launch a UAE subsidiary: Pharma company Hoechst Pakistan received board approval to launch a wholly-owned UAE subsidiary, the company said in a disclosure (pdf) to the Pakistan Stock Exchange. The UAE arm will focus on commercial trading, including import, export, distribution, and warehousing activities. Hoechst did not disclose a timeline or estimated investment for the expansion.
FINANCE-
Etihad Credit Bureau partnered with Bahraini fintech firm Benefit to establish a framework for exchanging credit bureau information, according to a press release.
TRANSPORT-
Juma Al Majid, the exclusive distributor of Hyundai in the UAE, delivered two hydrogen fuel cell buses for public transport in Abu Dhabi, according to a press release. The newly introduced Hyundai models, Elec City FC and Universe FC, will operate on City Route 65 and Regional Route 160, respectively.
IN CONTEXT- The move is part of the Integrated Transport Center’s Green Bus Program, which aims to integrate electric and hydrogen-powered buses into the emirate’s public transport system.
REAL ESTATE-
Ras Al Khaimah-based Aark Developers broke ground on the AED 40 bn Sora Beach Residences on Al Marjan Island, according to a press release. The project features one- to four-bedroom apartments and villas with access to a 1k-ft private beach. The timeline of the project has not been disclosed.
MANUFACTURING-
Dubai-based Subsea Cable Assets (SCA) will manufacture cable carousels production at the Fabtech yard for Sumitomo Electric ’s cable factory in Scotland, after tapping Dutch offshore engineering firm Enersea for designs for the six carousels, it said in a statement. The carousels will be ready for shipping in 2Q 2025.
HOUSING-
The Mohammed Bin Rashid Housing Establishment (MBRHE) and Wasl Group partnered to develop sustainable housing projects, according to the Dubai Media Office. The partnership will implement these projects on MBRHE-provided land, utilizing Wasl Group’s subsidiaries to ensure efficient use of resources. It also grants Wasl Group priority access to future housing-related investment opportunities. Joint task forces from both entities will be established to create detailed implementation strategies.
