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ENTERTAINMENT-
Capitol Studios is coming to Dubai: Dubai-based music firm DGMC inked a partnership with Universal Music Group to establish a “Music City” in the emirate, according to a press release. The music hub is set to feature the first Capitol Studios outside of Hollywood, a JV record label and music education academies.
CAPITAL MARKETS-
ADGM’s FSRA fines six financial institutions AED 170k: The Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) fined six financial institutions a total of AED 170k for violating common reporting standard regulations, according to a statement. The violations include: Failing to do due diligence procedures with financial reporting, keeping records of due diligence, reporting required information in a complete and accurate manner, and submitting the required annual information, the ADGM said.
TRADE-
Expo Center Sharjah, World Trade Center Istanbul talk cooperation: Expo Center Sharjah CEO Saif Mohammed Al Midfa met with World Trade Center Istanbul Technical Manager Coskun Akman to discuss strengthening cooperation between the two trade centers and explore holding events to unlock more trade in the region, Wam reports.
Mars Food Industries enters the Ethiopian market: Tana Ekt Trading signedan agreement with Mars Food Industries to market and distribute its Miralac baby food products, produced in the UAE, in Ethiopia, according to a Dubai Chamber International statement. Mars plans to expand further into African markets, including Nigeria, Rwanda, and Mozambique.
DEFENSE-
Abu Dhabi’s Rabdan Academy and global think tank center Middle East Instituteinked an agreement to collaborate on research and development, according to the Abu Dhabi Media Office.The two sides will develop and publish research on international relations, policing, security, and defense, in addition to organizing specialized training courses to boost research skills.
TECH-
DMCC to use QX Lab AI’s platform for its center: Dubai’s freezone and trade hub Dubai Multi Commodities Centre (DMCC) signed a partnership agreement with Dubai-based AI firm QX Lab AI to use its Ask QX platform to enhance the efficiency, productivity, and security of DMCC’s AI center, which is slated to launch later this year, state news agency Wam reports.
STARTUPS-
Three Emirati and Bahraini startups snagged USD 547k for their business pitches on the last episode of the entrepreneurship-themed reality show Beban, TradeArabia reports. UAE-based startup Drop It raised USD 200k, while Bahrain-based startups Right Calories and Motolines raised USD 265k and USD 82k, respectively.
LAW-
London-based law firm Pinsent Masons is launching its flexible service offering, Vario, in Dubai, to “further its professional and legal services in the Middle East,” according to a company statement. Pinsent Masons’ Vario offering “matches clients with experienced flexible lawyers to support specific projects and address capacity issues in busy in-house legal teams.” The firm recently opened its Abu Dhabi office, and received approval to operate in Saudi Arabia.
PAYMENTS-
FinMin rolls out cross-border payment system Buna:Finance Minister Sheikh Maktoum bin Rashid Al Maktoum officially launched Buna, the cross-border payment system operated by Abu Dhabi-headquartered Arab Regional Payments Clearing and Settlement Organization to facilitate regional cross-border transactions and trade exchange, the Dubai Media Office said in a statement.
China, India and Pakistan to join: The platform is set to expand its clearing and settlement services by adding currencies from Asia, Africa, and Europe over the next two years, including the INR, the PKR, and the CNY, Khaleej Times reports. Buna currently supports six currencies: the AED, the SAR, the JOD, the EGP, the USD and the EUR.
