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GREEN ENERGY-
#1- Masdar to supply CMA GGM with green fuels: Renewables company Masdar signed a long-term green maritime fuels supply agreement with French shipping and logistics company CMAGGM to produce clean power for the latter’s dual-fuel vessels in Abu Dhabi, starting next year, according to a company statement.
Masdar is readying the supply: Masdar signed a strategic joint development and investment framework agreement with France’s Hy24-managed Clean Hydrogen Infrastructure Fund back in December to set up an all-encompassing clean energy production value chain. During COP28, the company also inked an MoU with Dubai Municipality to establish a carbon capture plant at the latter’s Al Warsan waste-to-energy plant, with plans to use the captured emissions to produce renewable fuels.
ICYMI: Masdar recently inked similar agreements with other European shipping and transport players, including the Port of Amsterdam and Daimler Truck.
#2- Emirates is looking to secure more sustainable aviation fuel (SAF) by signing onto The Solent Cluster, a UK-based initiative aiming to attract low-carbon initiatives and slash emissions in industry, transport, and households, according to a company statement. The Cluster could develop a SAF plant with a 200k tonne annual capacity in 2032, which would be able to slash 563 kilotonnes of annual emissions. Emirates is the first international airline to join the initiative.
INS.-
CBUAE fines ins. firm AED 1.2 mn: An unnamed ins. company that operates in the Emirates was slapped with an AED 1.2 mn fine by the central bank (CBUAE) for breaching the federal law on anti-money laundering and counter-terrorism financing, the CBUAE said yesterday in a statement (pdf). The central bank imposed the fine after revealing during a regular regulatory inspection that the unnamed firm “had deficiencies” in its anti-money laundering policies.
Background: The CBUAE issued updated guidelines (pdf) in May 2023 on anti-money laundering for licensed financial institutions, including banks, exchange houses and ins. firms.
INFRASTRUCTURE-
More EV infrastructure: French energy management company Schneider Electric and Charge&Go by e& have signed an agreement to advance EV charging infrastructure in the UAE, according to a press release to respond to growing demand for green transportation. The partnership includes implementing EV charging solutions and growing the EV charging network across the UAE.
FOOD & BEVERAGE-
Epik Foods expands into Saudi Arabia: UAE-based food and beverage group EpikFoods has kicked off operations in Riyadh and plans further expansion to Jeddah in 2Q 2024 and Khobar in 3Q 2024, according to a press release. The expansion is part of the company’s strategy to boost brand visibility in key regional markets. Epik Foods plans to make all 100 of its brands operational in Riyadh within the next six months.
REAL ESTATE-
#1- India-based real estate developer Skyline Builders has launched Avant Garde Residences in Dubai, marking their entry into the emirate’s real estate market, according to a press release. The project, which comprises 172 apartments, is located in JVC and is anticipated to be complete by 2026.
#2- Portugal-based Swank Developmentis debuting in the Dubai property market with AED 300 mn investments this year in a new project in Meydan in Mohammed Bin Rashid City, according to a press release.
