TRANSPORT-

Abu Dhabi’s K2 partners with Malaysia to co-develop AI systems: Abu Dhabi’s autonomous tech firm K2 inked a letter of intent (LOI) with Malaysia’s Pahang Aerospace City and University Malaysia Pahang Al-Sultan Abdullah (UMPSA) to develop autonomous platforms with the goal of advancing public safety and smart mobility solutions, state news agency Wam reports.

BANKING-

#1- Canadian banking solutions and integration services fintech BanQsi opened an office in Dubai, marking its entry into the UAE and GCC area, according to a press release. The firm will provide financial institutions with specialized integration services to boost operational efficiency, while looking to form partnerships with regional players — including fintechs and regulators — and to invest in developing local talent.

#2- DFSA restricts HDFC Bank’s DIFC operations: The Dubai Financial Services Authority (DFSA) has barred India’s HDFC Bank from onboarding or soliciting new clients at its branch in Dubai International Financial Center (DIFC), Khaleej Times reports, citing a decision notice it has seen. Services to existing customers and pending onboardings remain unaffected. The restrictions are effective since 26 September.


HDFC’s response: The bank emphasized that DIFC operations are “not material” to its overall business or financial position and therefore no material impact is expected, according to a disclosure (pdf) to the Bombay Stock Exchange and National Stock Exchange of India. HDFC said it is complying with the directive and is committed to “promptly remediate and address concerns.”

IN CONTEXT- HDFC Bank had come under DFSA scrutiny in June after it bypassed investor safeguarding rules by selling high-risk bonds to retail investors.

MANUFACTURING-

Star Paper Mills will launch a USD 54 mn recycled container board mill in Khalifa Economic Zones Abu Dhabi (Kezad), according to a press release. Construction on the mill is already 95% complete, with trial production expected by the end of this year. The facility will produce 135k tons per year of biodegradable container boards from waste paper — 80% of which will be locally sourced — in a bid to reduce the emirate’s reliance on imports. The UAE currently uses around 1 bn paper bags annually, driven by retail, food service, and e-commerce sectors, with that figure expected to rise.

DEBT-

Capital Intelligence affirms BoS ratings: Capital Intelligence Ratings has maintained Bank ofSharjah ’s long-term foreign currency rating at BBB+ and its short-term rating at A2, according to a statement. The agency also affirmed the bank’s standalone rating at bb+, core financial strength at bb-, and extraordinary support level at high. The outlook on both the long-term and standalone ratings remains stable on the back of the lender’s robust financials and expected support.

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