AI-

Adnoc struck a USD 340 mn agreement with its AI JV with Presight, AIQ, to deploy AI solutions across Adnoc’s supply chain, it said in a press release (pdf). The three-year partnership will see EnergyAi rolled out across Adnoc’s upstream operations, and will include seismic analysis, geological modeling and real-time process monitoring, to expedite business processes.

REMEMBER- ADX-listed data analytics firm Presight AI acquired a 51% stake in AIQ last year, in a transaction that valued AIQ, originally Adnoc and G42’s JV, at USD 1.4 bn. EnergyAI is an autonomous AI solution created in 2024 by Adnoc, in collaboration with G42, Microsoft, and AIQ. The AI agent was said to be able to speed up seismic surveys from months to days, and increase the accuracy of production forecasts by up to 90%.

STARTUPS-

Phoenix Venture Partners closes private placement for tech-startups fund: ADGM-based venture capital firm Phoenix Venture Partners (PVP) closed its first private placement for the Phoenix Venture Partners Innovation Fund, it said in a press release. Professional investors, family offices and high-net-work individuals (HNWIs) took part in the private placement. The value of the first close was not disclosed, but the firm plans to raise USD 50 mn by the end of March 2026. It secured an ADGM license last September.

Where will the funds go? PVP will target early-stage tech startups, regionally and amongst G20 countries, they said. It will also focus on startups using tech within the financial, healthcare, education, agrifood systems, logistics and mobility, energy and sustainability, and consumer goods sectors.

PAYMENTS-

#1- UAE digital payment security gets an upgrade: The Innovation Hub of the Emirates Institute of Finance and the Federal Authority for Identity, Citizenship, Customs, and Port Security have partnered with several financial entities to integrate biometrics into payment processes, state news agency Wam reports. This will be integrated into the Central Bank’s instant payment platform Aani and local payment card system Jaywan. The financial entities include Emirates NBD, Sharjah Islamic Bank, Al Maryah Local Bank, and fintech companies PayBy and Tabby.

#2- Al Etihad Payments + Visa launch co-badged Jaywan-Visa cards in UAE: Al EtihadPayments, a subsidiary of the Central Bank of the UAE (CBUAE), has partnered with Visa to introduce Jaywan-Visa debit and prepaid cards, which enable both local and international payments, according to a press release.

ICYMI- Jaywan cards are domestic cards issued by the CBUAE using licensing technology from Indian payment operator NPCI. The cards are being rolled out in phases among local banks, with all banks in the UAE expected to transition to Jaywan for debit cards within the next two years.

Breaking it down: Domestic transactions via the new card will be processed through the national card electronic switch UAESwitch, while payments outside the GCC will be handled by VisaNet. Cardholders can use their cards at Visa’s 150 mn partner merchants across 200 countries for international purchases and online shopping. Al Etihad Payments and Visa will work with local banks, fintechs, and merchants to roll out the co-badged cards.

Al Etihad also partnered with China’s UnionPay International to introduce UnionPay-Jaywan co-badged cards, enabling domestic and international payments in more than 180 countries through UnionPay, according to a press release.

#3- Careem Pay expands remittance service to Egypt: UAE residents can now send money directly to Egyptian bank accounts via Careem Pay, Careem’s digital payments platform, according to a press release. The service claims to offer an exchange rate up to 50% lower than traditional banks, according to the company.

IN CONTEXT- Egypt is among the top five destinations for UAE remittances, with annual transfers estimated at USD 10 bn in recent years.

REMEMBER- Careem Pay enables transfers of up to AED 150k per transaction and up to AED 450k monthly to supported countries via SEPA, with 80% processed in under 30 minutes at rates 50% below banks.

LOGISTICS-

Metal Park lands at Kezad: Local metal producer Metal Park launched the first phase of its new AED 110 mn storage facility in Khalifa Economic Zones Abu Dhabi (Kezad), according to statements here and here. The project is slated to be completed in three phases with a total storage capacity of 350k mt once operational as well as 54k cmb storage space specifically for metals. The facility has direct access to Khalifa Port through a modular road, Etihad Rail’s network, and highways linking Abu Dhabi to the rest of the country. AD Ports Group inked an agreement with Metal Park to establish the hub back in 2022.

ENERGY-

Dewa explores energy collaboration with EPRI: The Dubai Electricity and Water Authority (Dewa) and the US’ Electric Power Research Institute (EPRI) met to explore collaboration in implementing specialized training programs in areas including renewable energy, grid modernization, and energy storage, according to a press release. R&D and energy innovation were also discussed.

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