BANKING-

Cross-border QR payments with Indonesia will soon be possible: The Central Bank of the UAE (CBUAE) and Indonesia’s central bank inked an MoU last Thursday to introduce the cross-border QR code payments system, Zawya reported. The new system allows bank customers to make seamless payments to businesses in both countries by simply scanning QR codes using the banking applications on their phones. The banks did not set a launch date for the new program.

AVIATION-

Dnata to provide Maersk airline with cargo services at CGN: Dubai-based ground handling, cargo, and air services provider Dnata has been awarded a multi-year contract with Maersk Air Freight for cargo handling operations at Cologne Bonn Airport (CGN), according to a press release.The partnership will see Dnata handle up to 6k tonnes of cargo a year for the freight airline, which currently operates two weekly flights between Cologne and Greenville in the US with a Boeing 747-400F freighter.

TRANSPORT-

Abu Dhabi gears up for its first hydrogen-powered smart taxi: The green urban mobility project is collaboration between Tawasul Transport, ADNOC, Integrated Transport Center, and Al Futtaim Motors, Gulf Today reports. Tawasul Transport and Al Futtaim Motors will supply operational information such as distance covered, green hydrogen consumption, operational hours, and procedures for clean refueling. The hydrogen-powered Toyota Mirai vehicles will offer an entirely electric driving experience with zero emissions. The taxis will be recharged at the region’s first high-speed green hydrogen refueling station at Masdar City, operated by ADNOC Distribution.

Hong Kong’s Prominent acquires Dubai tanker fleet worth USD 1 bn: Prominentquietly acquired the entire fleet of Dubai-based K&O Shipmanagement, also known as Kurow Shipping, to be classified with the Indian Register of Shipping. K&O is estimated at a value of USD 1 bn, coming down to two Daehan Shipbuilding-developed aframax purchases, worth USD 70 mn each, in October and four aframaxes on order at Zhoushan Changhong International. The tankers are now on charter to Unipec.

More on Prominent: Prominent was established in Hong Kong in 2022 and is run by Arjun Deshmukh. The company acts on behalf of various shipholders, providing services like technical ship management and OPEX control.

LOGISTICS-

RSA now has a temperature controlled facility in Jebel Ali: Port operator DP World inked a lease agreement with RSA Cold Chain to set up a 100k sq meter cold chain facility at Jebel Ali’s trade and logistics hub (Jafza), according to a recent press release.Construction of the facility will kick off early 2024, aiming for completion by Q1 2025. The new facility is set to add some 40k storage slots with multi-temperature capabilities to the port area, the statement reads.

REAL ESTATE-

Abu Dhabi unveils USD 2.1 bn housing benefits package for nationals: The program aids more than 5,685 citizens and offers housing loans amounting to USD 1.6 bn. Some 3,714 citizens have already benefited from these loans, reported WAM. The package also grants a waiver on loan repayments for low-income retirees and families of individuals who died in 2023. A total of 549 Emiratis have benefitted from this waiver program, which has a total value of AED 573 mn.

POLICY-

New directives to make Islamic financial institutions greener: The CBUAE and the Higher Shari’ah Authority issued new directives on sustainable Islamic finance, according to a press release. The new guiding principles for Islamic institutions consist of 10 directives to boost sustainability and emphasize the need to develop financial products that push green outcomes. The details of these measures were not disclosed in the press release.

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