CBUAE expands payments rails into Asia, relief goes private, and Al Ghurair goes global on design

The Central Bank of the UAE is stepping up cooperation with the Philippines

Philippines next stop on the UAE’s financial services cooperation train: The Central Bank of the UAE and the Philippines’ central bank — Bangko Sentral ng Pilipinas — plan to integrate their instant payment systems to enable cross-border payments, according to a statement (pdf). The two central banks are also looking into interlinking their national card switches and financial messaging systems in a move to strengthen financial infrastructure cooperation between the countries.

Cooperation on Islamic banking and open finance is also in the cards for the Philippines and the UAE, which allows the UAE to gain exposure to a huge Muslim base at a time when the sector is still in its nascent stages.

Background: The CBUAE already has similar agreements in place with the likes of India and Hong Kong, with the goal being strengthening remittance channels for expats and capitalizing on the growing UAE-Asia trade and investment corridor.

Private sector joins the relief push

Multinational carmaker Stellantis is offering UAE SMEs short-term access to vehicles at no cost — fuel included — to help keep operations running during disruption, according to a press release. The scheme runs through mid-May and gives eligible businesses up to seven days’ access to cars and trucks for logistics and day-to-day operations.

IN CONTEXT- As we’ve been reporting, authorities have already stepped up relief across several sectors — from SMEs to healthcare and real estate — as part of a broader push to cushion the impact of the conflict. Catch up on our latest coverage here.

Al Ghurair taps architect for Al Jaddaf masterplan

Al Ghurair brings in the big guns: Al Ghurair Development brought on an international name for design work on its 1 mn sq ft development in Dubai Creek Harbour, Al Jaddaf, TradeArabia reports. US-based Pelli Clarke & Partners, which is behind landmarks like New York’s World Financial Center, will design the masterplan for the project. The development will include commercial, residential, lifestyle, and hospitality units.

ICYMI- It’s still relatively uncharted waters for Dubai’s Al Ghurair family, which was planning an entry into the real estate market at the end of last year, Sultan Al Ghurair had said. At the time, the plan was to capitalize on unused land plots within its asset portfolio via a new firm that would target three to four projects initially.