RETAIL-

Dubai Airport Freezone partners with Chinese secondhand goods giant: The Dubai Airport Freezone (DAFZ) inked an MoU with Chinese online marketplace operator Zhuanzhuan Group to establish a cross-border supply chain for secondhand consumer goods, according to Dubai Media Office. The tie-up aims to boost Dubai’s position as a logistics and trade gateway, granting DAFZ access to the Chinese firm’s partner network.

More on the agreement: Zhuanzhuan will set up its regional headquarters in DAFZ, a facility that will handle recycling, quality checks, sorting, and packaging operations. The Dubai Integrated Economic Zones Authority is also involved and will support Zhuanzhuan’s operations and coordination with local authorities, along with DAFZ.

AI-

The UAE, Malaysia, and Rwanda are teaming up to accelerate AI adoption in the Global South, according to a press release. An MoU will see the three collaborate on developing AI governance frameworks, talent exchanges, and other joint initiatives to support sustainable development in emerging economies.

IN CONTEXT- The collaboration falls under the Center for the Fourth Industrial Revolution’s global network — initially set up by the UAE and Rwanda at the 2024 World Economic Forum in Davos, and now including Malaysia.

CAPITAL MARKETS-

CBUAE revokes Gomti’s license: The Central Bank of the UAE (CBUAE) revoked the license of Gomti Exchange and removed its name from its register, according to a press release (pdf). It revoked the exchange house’s license after an investigation found that Gomti had failed to comply with anti-money laundering and anti-terrorism financing frameworks.

Gomti isn’t the first to have fallen foul of the central bank’s standards this week. The bank also revoked Al Nahdi Exchange’s operating license and removed it from its financial institutions register.

FINANCE-

CBUAE gives Spare preliminary approval to join Open Finance Framework: The Central Bank of the UAE (CBUAE) granted in-principal approval for open finance infrastructure company Spare to operate under the country's Open Finance Framework, according to a press release (pdf). Spare — which operates across Saudi Arabia, the UAE, Bahrain, and Kuwait — plans to offer account-to-account payment processing and financial data services through its API platform.

ICYMI- Pay10 became the first authorized firm under the CBUAE’s Open Finance Framework — which aims to standardize secure transactions and cross-sector data sharing — back in April, while Lean was the latest to receive approval earlier this week.

REAL ESTATE-

Giorgio Armani launches first branded villas in RAK: Italian luxury fashion house Giorgio Armani — in partnership with RAK Properties and SIE Group — will launch its first-ever branded beach villas on Raha Island in Ras Al Khaimah, according to a press release (pdf).

LOGISTICS-

AD Ports Group eyes Egypt's oil storage network: AD Ports Group signed a MoU with Egypt’s Oil Ministry and Dubai-based TCM Project Management to explore joint development of Egypt’s crude oil storage infrastructure, according to a press release. The strategic network serves domestic and international energy markets.

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