PAYMENTS-

CBUAE links up with GPC’s AFAQ:The Central Bank of the UAE (CBUAE) has joined Gulf Payment ’s (GPC) AFAQ, a platform that integrates payment systems across GCC countries, facilitating real-time financial transactions in local currencies within the region, with the added benefit of low fees, according to a CBUAE press release. Barclays Bank also joined AFAQ, making it the first financial institution based in the UAE to jump on the bandwagon.

DISTRICT COOLING-

First Abu Dhabi cooling as a service (CaaS) project: Aldar and Johnson Controls are teaming up for a pilot CaaS project in Abu Dhabi that is expected to cut cooling-related carbon footprints by up to 30% (or 26,880 tons) over the next 10 years, according to a press release. The service-oriented model targets Aldar assets, Al Rayyana Complex and Eastern Mangroves, with plans for Johnson Controls to upgrade the developments’ cooling equipment with energy conservation measures outsourced by Aldar. The CaaS scheme will be the largest in the UAE.

About the partners: Emirati real estate developer Aldar has invested AED 140 mn in energy retrofit projects since 2022, with goals to offset over 55k tons of real estate emissions annually. Johnson Controls offers digital solutions and services that have boasted the sustainable performance of smart buildings across 150 countries.

CAPITAL MARKETS-

Emirates Driving is planning to double its capital to 179 mn by reducing its nominal share value to AED 0.5 from AED 1, according to an ADX filing. The additional capital will be distributed amongst the company’s shareholders in the event that the Securities and Commodities Authority (SCA) approves the capital increase.

HEALTHCARE-

AD Ports subsidiary KEZAD Communities and Burjeel Holdings will set up a healthcare clinic for residents of the Razeen 3 and 4 complexes, under an MoU the two sides signed, according to a press release. The clinic will offer comprehensive primary, emergency, and preventive care with a team of experienced general physicians. It will also feature a 24-hour ambulance service and round-the-clock nursing care. In emergencies, the clinic will facilitate referrals to Burjeel Holdings’ network of hospitals.

HOUSING-

Sharjah’s Executive Council gave the greenlight for a third batch of housing support worth AED 373 mn, reports The National. Housing loans and grants will be dispersed to 550 Emiratis in Sharjah, financing the construction of homes, property extensions, and facilitating access to government housing.

HOSPITALITY-

Keep an eye out for Staybridge Suites Mina Al Arab: ADX-listed RAK Properties is expanding its collaboration with IHG Hotels & Resorts with the planned launch of Staybridge Suites Mina Al Arab, according to an ADX filing. The project will provide one and two bedroom apartments in a 14-storey tower, which will include a fitness center as well as dining areas.

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