EVS-

More details on the first state-owned EV charging network: UAEV — the first state-owned EV charging network in the UAE — is targeting to install up to 100 160 KW fast-charging units by the year’s end, and some 1k units by 2030, UAEV Chairman Sharif Al Olama told Khaleej Times. The charging units will be available at no cost this year and will be accessible in public spaces, workplaces, shopping centers, and residential areas. There are also plans to later install chargers in malls, supermarkets, and government buildings.

ICYMI- The Energy Ministry and Etihad Water and Electricity (Etihad WE) set up a joint venture earlier this week to boost EV charging infrastructure in the UAE. The initiative expects to offset 100k tonnes of CO2 emissions by 2030, equivalent to planting 1.8 mn trees.

PRINTING-

Dubai Investments subsidiary Emirates Glass has acquired Tecglass’s Vitro-Jet FS Jumbo digital printing production line to quickly print complex designs in various sizes, Al Bayan reports.

HEALTHCARE-

Pharma giant Pfizer has developed a new once-daily oral capsule for severe alopecia areata in the UAE for patients as young as 12, a press release reads.

DISPUTE WATCH-

Limitless settles dispute with Deyaar: Dubai-based property developer Deyaar Development received the final AED 300 mn payment from a larger AED 500 mn settlement agreement from real estate developer Limitless on Monday, according to a DFM disclosure (pdf). The developer said that AED 44 mn of the payment will be added to its income for 2Q 2024. The final settlement payment is expected to increase Deyaar’s liquidity to AED 1.7 bn from AED 1.4 bn, Deyaar CEO Saeed Al Qatami told Al Bayan last week.

Background: Deyaar received the first AED 200 mn payment in 2022, after the settlement was approved in 2021 following a court ruling over a land dispute between the two developers, obligating Limitless to pay AED 412 mn to Deyaar, in addition to a compensation of some AED 61 mn.

CAPITAL MARKETS-

#1- Abu Dhabi, Dubai freezone watchdogs fine Sarwa Digital: The Dubai Financial Services Authority (DFSA) imposed AED 1.15 mn in fines on Sarwa Digital Wealth for making a public share offering through email in 2023 without an approved prospectus, according to two separate statements (here and here). The investing platform received USD 2.1 mn in subscriptions from 144 investors after the share offering email was sent to some 100k users, DFSA’s statement reads.

Sarwa was slapped with a USD 191k (AED 709 mn) fine by DFSA, reduced from USD 390k (AED 1.4 mn) following mitigation and settlement, while FSRA levied a financial penalty of USD 122k (AED 450k) on the fintech platform.

#2- Adnoc Gas saw an AED 45.7 mn direct transaction on 15 mn of its shares on the ADX yesterday, Wam reports, without disclosing further details.

TRANSPORT-

RTA to set up digital assets investment platform: Dubai's Roads and Transport Authority (RTA) inked an MoU with SmartCrowd Holding, parent company of real estate investment platform SmartCrowd, according to a statement. Under the MoU, SmartCrowd will develop a blockchain platform for RTA geared at drawing non-fungible token (NFT) and digital investments for RTA’s upcoming real estate and public assets in Dubai. These assets will include retail stores, rest areas, and service centers.

LOGISTICS-

Emirates SkyCargo expanded its e-commerce delivery service to Saudi Arabia, enabling its customers across the Kingdom to receive shipments from retailers in the UK, US, and UAE, the shipping firm said.

Safeen debuts Middle East’s first electric tug: AD Ports’ Safeen Group is piloting an electric tug within its marina service fleet, which should eliminate emissions and increase operational efficiency and cost-effectiveness, according to a statement.

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