FINTECH-

#1- B2B payment platform Comfi secured a USD 5 mn debt facility from an Abu Dhabi-based private family office, Wamda reports. Comfi plans to use the financing to facilitate USD 40 mn in transactions across the UAE and KSA in the coming year. The financing will also support Comfi’s expansion of its payment solutions for B2B supply-chain businesses, offering real-time credit terms for a maximum of 90 days to customers.

#2- Dubai-based fintech startup Pyypl will issue virtual and prepaid Visa cards after receiving principal license membership from Visa, according to a press release. The license will allow the digital wallet to issue the cards to its customers via its application. Additionally, Pyypl inked a partnership agreement with Visa aimed at accelerating its international expansion, “[grow] Pyypl’s presence, and [contribute] to advancing financial inclusion across the region,” Pyypl CEO Antti Arponen said.

BANKING-

Ajman Bank customers will now be able to use their Jaywan cards at the bank’s ATMs after the bank completed the integration of the central bank-backed card into its network, according to a press release picked up by Zawya.

REMEMBER- Jaywan cards — which were introduced by the central bank’s digital payments arm Al Etihad Payments earlier this month — are being rolled out in stages among local banks as policymakers target to replace some 10 mn debit cards in circulation over the next two and a half years.

EVs-

Vietnam-based EV manufacturer sets up HQ in Dubai: The Dubai International Chamber helped VinFast Electric Cars open its regional headquarters in Dubai’s Jebel Ali Freezone through a series of stakeholder meetings, according to the Dubai Media Office. VinFast has dealer agreements in the UAE and Oman, with future plans to expand its product line in the region.

EDUCATION-

Education provider Taaleem Holdings is set to open its new Dubai British School Jumeira and welcome students for the new 2024-25 academic year after receiving a certificate of completion, a DFM filing (pdf) reads. The new school can accommodate 1.9k students, but already has a waitlist “due to its high demand.”

MANUFACTURING-

Ta’ziz + Mitsui break ground on Al Ruwais ammonia plant: The construction of the 1 mn ton-per-year green ammonia plant in Al Ruwais Industrial City has commenced, led by Japan’s Mitsui & Co alongside Adnoc and ADQ's joint venture Ta’ziz, UAE-based Fertiglobe, and Korea's GS Energy Corporation, Reuters reports. The plant will be equipped with CO2 capture and storage facilities, aiming to start clean ammonia production by 2030.

The details: Mitsui will source clean ammonia from the new plant to supply Japan and other Asian markets for fuel, chemicals, and fertilizers, the newswire writes. The Japan Bank for International Cooperation and Sumitomo Mitsui Banking Corp have provided the Japanese company a USD 27 mn loan to finance the project.

STARTUPS-

Du, DIFC to roll out workshops for startups: Telecom operator du has teamed up with the Dubai International Financial Center’s Innovation Hub to launch an educational program — dubbed du Business Entrepreneurship Programme — to help startups and SMEs scale up their businesses, according to a statement. Workshops in the program will focus on digital literacy, communication, marketing, cybersecurity, and AI integration, the statement read.

HEALTHCARE-

Smart Salem introduces gut health tests: Smart Salem, a joint venture for medical tests and screening by Dubai Health and French Klea Holding, is now providing tests for gut microbiome, according to a statement picked up by Zawya. The AI-powered test uses whole-genome shotgun metagenomic sequencing and is priced at AED 2.5k.

TRANSPORT-

Dubai is getting its first hydrogen bus: Swaidan Trading Company will supply Dubai with its first eco-friendly hydrogen bus under an agreement it inked with the Roads and Transport Authority (RTA) on Monday, according to a statement from the authority.

SPACE-

Dubai Aerospace sees its credit rating upgraded by Moody’s: Moody’s has upgraded the long-term issuer rating of Dubai Aerospace Enterprise (DAE) to Baa3 from Baa2 while revising its outlook on the aviation services company to stable from positive, according to a statement (pdf) from Moody’s. The upgrade reflects the company’s strong liquidity, diverse funding sources, solid operating results, and low debt-to-equity leverage, the credit rating agency said.

E-COMMERCE-

Network International + Reem Finance partner to streamline UAE card transactions: Digital payments company Network International inked a strategic partnership with financial services provider Reem Finance to integrate its payment processing solutions, according to a press release. This collaboration aims to streamline card transactions for both the consumer and commercial sectors in the UAE. The integrated solutions will encompass Network International’s transaction processing, card hosting, management, and value-added services.

TECH-

Sharjah and China to ramp up tech cooperation: Sharjah Economic Development Department Chairman Hamad Ali Abdalla Al Mahmoud met with a delegation from China’s Huawei Technologies Co yesterday to discuss boosting collaboration and institutional knowledge sharing in modern technology, Wam reports. The meeting focused on establishing digital development strategies, innovative programs, and systems to bolster Sharjah's economic position, with Huawei presenting its latest technological solutions for potential implementation.

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