FINANCE-

UK hydrogen investment fund sets up shop in Abu Dhabi: UK-based hydrogen investment fund Hycap Group has launched its regional office in Abu Dhabi Global Market (ADGM), ADGM said in a statement. The investment fund announced the launch of the new office along with plans for establishing a GCC fund based in the UAE for net zero and clean hydrogen investments at a private event on the margins of the Abu Dhabi Finance Week, according to WAM.

Hycap Group? Hycap Group is a private equity fund that focuses on investing in green hydrogen businesses.

AVIATION-

Emirates Air still doesn’t like Rolls Royce: The airlines President Tim Clark said Rolls-Royce needs “to go back to basics” in engine production, designing motors “that meet what the client base wants,” reports Reuters. Clark faulted the performance of the British company’s largest engine, which showed face at the Dubai Airshow for its low reliability that will inevitably require high service costs later.

The dig came a day after Rolls-Royce laid out plans to quadruple its bottom line with higher margins and value-driven pricing, according to a press release. Emirates urged Rolls-Royce to focus on preventing unplanned repairs — at a far narrower margin — rather than buybacks and rates of return.

Not COP compatible? Emirates CEO Tufan Erginbilgic said engine developers must choose between investing in cutting-edge tech, motivated by a desire to cut emissions and save fuel, and engine durability. Clark also suggested the same trade-off, saying Rolls-Royce is labeled as the “gold standard” in engineering for all the wrong reasons.

Enoc and Finland’s Neste partner on SAF supply: The Emirates National Oil Company (Enoc) has signed an MoU with Finnish oil refining company Neste to explore avenues for the purchase and supply of sustainable aviation fuels (SAFs) both in the UAE and the wider MENA region, according to a statement. The agreement falls in line with Enoc’s target of securing blended SAF reserves by 2030 in a bid to supply its clients with green fuels and cut its aviation carbon footprint by an estimated 80%, the statement notes.

Not the first Enoc-Neste collaboration: Enoc and Neste both recently partnered with UAE national air carrier Emirates on its first SAF-powered demonstration campaign of the Airbus A380, with both sides providing the green fuels for the flight

Both companies have big regional SAF ambitions: Last month, Neste signed MENA’s largest SAF purchase agreement with Emirates, committing to supply the airline with 3 mn tons of SAF to fuel upcoming flights from Amsterdam’s Schiphol and Singapore’s Changi airports. Enoc similarly plans to supply SAF to Dubai Airports starting 2024 and is currently exploring SAF production both domestically and abroad.

REAL ESTATE-

Fourteen luxury hotels to open in the UAE in 2024, The National writes in a piece outlining the amenities and offerings of each resort. In January, One&Only One Za’abeel will open its doors in Dubai, followed by AnantaraMina Al Arab Ras Al Khaimah on 15 January. In February Lana and Siro One Za’abeel will launch in Dubai and Anantara Santorini in Abu Dhabi.

The coming quarters:Lux* Al Jabal will hit Sharjah in 2Q, and Ciel Tower, Dubai’s new giant, opens in 1Q. Mama Shelter Dubai will also join the scene in October, Lux* Al Bridi in Sharjah Safari Park in 3Q, and Five Luxe in JBR, Dubai, in 4Q.

Looking ahead to 2024, Jumeirah Marsa Al Arab, Rove Al Marjan Island, Fairmont DubaiSkyline, and Saij, A Mantis Collection Mountain Lodge are set to open throughout the year in Dubai and Ras Al Khaimah.

Dubai developer Wasl awarded a contract worth an estimated AED 4.4 bn (USD 1.2 bn) to China State Construction Engineering Corporation for the Island project in Dubai on Monday, reports Zawya. The agreement marks the largest construction agreement since One Zabeel landed a contract worth USD 1.36 bn in 2017.

More on the 5-star island: The beachfront development will sit on a 10.5-hectare island beside the Jumeirah Beach Hotel and Marsa Al-Arab. It will feature over 1.4k hotel rooms, apartments, retail spaces, food and beverage outlets, and entertainment facilities under the MGM, Bellagio, and Aira hotel brands. There are rumors that casinos could also be built on the island, cashing in on MGM’s Las Vegas connections, but only if gambling is legalized in Dubai.

HUMAN CAPITAL-

Dubai launches upskilling initiative: The Dubai Centre for Family Businesses has partnered with PwC to roll out a skills development program tailored for family business members to advance their skills and knowledge, WAM reports. The program consists of four modules to be given to participants over eight days. The participants will be lectured on essential business skills and topics such as board leadership, entrepreneurship, and communication skills.

About the center: The Dubai Centre for Family Businesses was established this year in May under the umbrella of Dubai Chambers. The center was established with an eye toward developing and supporting the Emirati family business community.

TRANSPORT-

ADNOC X Etihad Rail: The distribution arm of the Abu Dhabi National Oil Company (ADNOC) and Etihad Rail have joined forces to establish railway services connecting Abu Dhabi and Al Dhannah, WAM reports. ADNOC employees will make ample use of the railway line between Abu Dhabi and Dhanna in the future, the statement says.

FINTECH-

CredibleX bags license from ADGM’s regulator: Embedded finance platform CredibleX is set to commence operations in the UAE after being awarded with a regulatory license by Abu Dhabi’s Financial Services Regulatory Authority (FSRA), according to a press release.

…and joins forces with ADGM: The finance platform also revealed that it will be the first fintech partner of Numou, ADGM’s SME funding platform.

What they said: “According to official UAE government figures, over 60% of non-oil GDP comes from the SME economy and yet SMEs often find it hard to access credit to grow their businesses. Embedded finance, which is the integration of financial services into non-financial businesses, is an innovative way to serve SMEs through a wide network of business partners,” CredibleX Co-Founder Ahmad Malik said.

Wahed launches first UAE Islamic digital investment platform: Wahed Invest introduced the first digital management platform providing Shariah-compliant investment services to UAE residents on Wednesday after it received FSP permission from the FSRA of ADGM, according to a press release. The platform will provide access to a selective Shariah-compliant portfolio at low minimums of USD 500, low fees, and no lock-in period.

Wahed for Muslim participation in finance: Wahed Invest is a Shariah-compliant subsidiary of fintech that has gathered a global consumer base of over 300k and raised over USD 75 mn since its 2015 launch. The company’s move to make Shariah-compliant investments digital piggybacks off a rising Islamic banking sector in the UAE, which outperforms conventional banks, drawing from growing investor demand for Islamic products and distribution networks.

CRYPTO-

Global tech firm IOTA launches USD 100 mn entity in Abu Dhabi: Global technology network IOTA launched IOTA Ecosystem DLT Foundation yesterday, according to a statement. The Foundation, which will be seeded with over USD 100 mn in IOTA tokens, is the first foundation to be established under the Abu Dhabi Global Market (ADGM’s) DLT foundations regulations, which were introduced earlier this month.

What is DLT? Distributed ledger technology (DLT) is a technology akin to blockchain.

MANUFACTURING-

Emirates Steel Arkan, A³&Co to decarbonize cement: State-backed steel manufacturer Emirates Steel Arkan (ESA) collaborated with climate consulting firm A³&Co in decarbonizing Al Ain Cement Factory, according to a press release.

The decarbonization process is in multiple stages to achieve cost-effective targets: “This multi-phase initiative includes Decarbonization Baselining, Decarbonization Scenario Building & Roadmap, CBAM Compliance, and advisory support for SBTi Carbon Footprint Certification,” the statement reads.

More on Al Ain Cement Factory: The factory is dedicated to producing cement and clinker, boasting an annual output surpassing 3.1 mn metric tons of clinker and 4.6 mn metric tons of cement since 2014.

SUSTAINABILITY-

Spinneys gets green ahead of COP: Spinneys partnered with packaging manufacturer Al Bayader International to introduce recycled plastic packaging (rPET) across its 61 UAE stores, the first food retailer in the country to do so. The rPET packaging, which uses less water, energy, and fossil fuels than standard PET packaging, is expected to reduce Spinneys’ annual CO2 emissions by 20%, the equivalent of six metric tons.

Croissants and muffins are first up: The rPET roll out will start at Spinneys’ bakery, where the packaging will be 30% rPET. The switch to rPET is expected to divert two tons of virgin PET (brand new, non-recycled plastic) from UAE landfills each year.

Wisdom Motor pledged its support for the Abu Dhabi Integrated Transport Center’s (ITC) “Green Buses Capacity Building Program” in a press release. The zero-emission commercial vehicle technology company will collaborate with the ITC to provide green mobility solutions, including the development of the region’s first 12-meter-long hydrogen public bus, through distributor Emirates Global Electric Motor Company (EGME). Wisdom Motors is one of the latest global suppliers to join the ITC program.

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