LOGISTICS-

DP World breaks ground on Sokhna logistics park: Emirati port operator DP World has broken ground at its USD 80 mn DP World-Sokhna Logistic Park at Sokhna Industrial Zone, according to a Suez Canal Economic Zone (SCZone) press release. The 300k square meter project looks to provide services to local and regional logistics, commerce, and distribution sectors, bolstering supply chains and trade. The first phase of the project is slated for completion by the close of 2024 and will see investments worth USD 50 mn, Regional Director of DP World Group Urs Moll added. Operations at the logistics park will kick off after the construction of the project’s first phase is completed, the statement said.

Background: DP World had inked the construction agreement for the investment with the SCZone Main Development Company in August 2022.

ENERGY-

ACX rolls out biodiesel + SAF trading platform: AirCarbon Exchange (ACX) has launched a physical trading platform in ADGM allowing regulated 24/5 trading for biodiesel, renewable diesel (HVO), sustainable aviation fuel (SAF), and related feedstocks, according to a press release. The platform is the first of its kind to support biofuels markets, operating under the Financial Services Regulatory Authority (FSRA) as a Recognized Investment Exchange (RIE).

Participants get certification: Participants trading on the ACX platform will be certified under the International Sustainability and Carbon Certification Program (ISCC), co-founder and co-CEO of ACX, William Pazos, said in the press release.

ACXBiofuels will introduce the first global physical SAF biofuels contract to facilitate trading in European aviation fuel sustainability mandates,starting 1 January, 2025. Until then, buyers and sellers can trade existing biofuels contracts, with the option to use book-and-claim protocol as approved by CORDIA and ICAO.

CRYPTO-

#1- Wio Bank x Fuze to launch crypto trading platform: Abu Dhabi-based digital bank Wio inked an agreement with digital infrastructure platform Fuze to provide virtual assets trading services, according to a press release. The bank’s customers will be able to buy and sell cryptocurrencies and virtual assets through Wio Personal, Wio Bank’s new digital banking application.

About Fuze: Fuze’s platform enables banks and fintechs to offer customers access to digital assets. The startup raised USD 14 mn in August, in a seed round led by Abu Dhabi-based VC firm Further Ventures.

#2- Dubai’s crypto regulator awards first license to a crypto hedge fund: Dubai’s Virtual Assets Regulatory Authority (VARA) has greenlit Dubai-based digital hedge fund Nine Blocks Capital Management for a digital assets license, the Nine Blocks said in a press statement. The license permits the fund to provide crypto and virtual asset services to users in Dubai.

Nine Blocks will also set up its global headquarters in Dubai, according to the statement. Founded in 2021, the hedge fund describes itself as a “neutral trading shop,” specializing in market-neutral crypto strategies and boasting assets under management worth some USD 100 mn.

GAMING-

South Korean gaming giant eyes further UAE expansion: South Korean game developer Wemade is looking to join forces with Dubai Chambers to develop the blockchain gaming industry in Dubai and the UAE, according to a press statement. The potential collaboration was discussed during a meeting held between Dubai Chambers President CEO Mohammed Ali Rashed Lootah and Wemade CEO Henry Chang, who is currently in the UAE to attend the Abu Dhabi Finance Week.

Wemade are no newcomers to the UAE: The gaming company had launched its blockchain subsidiary, Wemix Mena LTD in Abu Dhabi earlier this year.

REAL ESTATE-

New Grade-A commercial office space coming by 2027: Dubai Multi CommoditiesCentre (DMCC) and Dubai-based real estate developer Sweid & Sweid will open a new 500k sqft office space by 2026 dubbed “Sweid One” located in the Jumeirah Lakes Towers (JLT) district, according to a press release.

TECH-

Abu Dhabi’s Advanced Technology Research Council: (ATRC) opened a new AI company named AI71, to provide businesses and countries with cyber security solutions, Gulf Today writes. AI71 partnered with the office of Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, as well as global players such as Amazon Web Services, PwC, World Wide Technology, and CNTXT.

GREEN MOBILITY-

Hyundai + Bee’ah to test hydrogen trucks in UAE: Hyundai Motor Company and Bee’ah Group signed an MoU to promote hydrogen mobility in the UAE, according to a statement. Hyundai Motor will provide its XCIENT Fuel Cell electric truck to Bee’ah to use as the group is exploring hydrogen fuel vehicles to decarbonize its waste management fleet operations and to advance emissions-free mobility. The two parties will cooperate in the fuel cell electric truck demonstration project to confirm the truck’s feasibility in the UAE.

The region’s green mobility sector is booming: Danish transport and logistics company DSV recently said it will roll out a fully electric long-range truck fleet in the UAE. Saudi’s Naqel Express by SPL also announced the launch of its first fleet of electric transport trucks in the kingdom. Saudi Arabia’s Transport General Authority rolled out the kingdom’s first heavy-duty hydrogen-fuelled truck.

SUSTAINABILITY-

Emirates NBD and Erguvan to make SMEs greener: Emirates NBD and Erguvan are launching a pilot program to assist regional SMEs in adopting the carbon management solution “Azalt,” scheduled for release in early 2024, according to a media release. The software-as-a-service (SaaS) is designed to identify greenhouse gas emission hotspots and implement data-driven reduction campaigns for businesses of all sizes through its user-friendly carbon management digital platform. The tool was developed by the climate and technology venture Erguvan, in which Emirates NBD recently invested.

Why SMEs? SMEs contribute significantly to greenhouse gas emissions yet often lack awareness of cost-effective digital sustainability tools, according to the media release. Azalt is forecasted to help the companies measure, reduce, and offset their carbon footprints, based on the success of a proof-of-concept project with EKOS Electric, a subsidiary of Emirates NBD and an SME of DenizBank.

CYBERSECURITY-

Emirates NBD x Dubai Police roll out safe banking campaign: Emirates NBD hasjoined forces with Dubai police and comms agency Leo Burnett to launch #IWillSurvive (watch, runtime: 1:41), a safe banking campaign, according to a press release. The campaign targets raising public awareness UAE-wide about cybersecurity to promote reporting online fraudulent activity. In addition to the media campaign, the bank regularly sends emails, SMS messages and posts across its social media channels to help the Emirates NBD’s clients with recognizing possible scams and phishing attacks

AVIATION-

Abu Dhabi Airport has big expansion plans: Abu Dhabi Airport is looking to attract more airlines to fly to the UAE capital as well as increase its passenger capacity from 45 mn to 65 mn within 10 years, managing director and interim CEO of Abu Dhabi Airports Elena Sorlini told The National. The airport is eyeing Asia and China in particular as targets from which to attract airlines, Elena Sorlini, managing director and interim chief executive of Abu Dhabi Airports, told The National. “The target is to enhance the connectivity of Abu Dhabi and to unlock its potential from a tourist, trade and air cargo perspective,” Sorlini added.

ICYMI-Twenty-eight international airlines are now fully operational from Abu Dhabi International Airports Terminal A, making it the primary terminal serving the airport. The transition to Terminal A aims to boost the airport’s capacity, with the ability to process some 45 mn travelers annually and handle 79 planes at once. The terminal launched operations at the start of November.

More flights with Egypt: Hungarian airline Wizz Air is planning to offer daily flights between Abu Dhabi and Giza’s Sphinx International Airport, according to Al Mal. The budget carrier currently operates four flights a week between the two cities.

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