Lootah shakes hands with Malaysian FatHopes on SAF terminal

ENERGY-

Lootah partners with Malaysia’s FatHopes on SAFs: Biofuels producer Lootah has signed an agreement with Malaysian counterpart FatHopes Energy to study the feasibility of establishing 200k sqm sustainable aviation fuel (SAF) feedstock aggregation storage terminal in Malaysia. The facility will serve as a stockpiling site for a UAE-based SAF refinery, according to a press release. Both sides will also explore franchising FatHopes’ biomass-to-SAF technology across MENA.

MANUFACTURING-

AD Ports Group and UK-based Liberty Steel could set up a green iron production facility in Abu Dhabi's Khalifa Economic Zones (Kezad) after the two signed an MoU, according to a press release. The agreement aims to significantly reduce carbon emissions in international iron and steel production by combining Liberty’s access to some to 4 bn tons of South Australia’s premium magnetite ore with the UAE’s renewable energy potential and the advanced infrastructure of AD Ports Group.

CAPITAL MARKETS-

EQL to digitize business setup and management: EQL Fintech launched two platforms that will enable Emirati SMBs to carry out UAE incorporation, trademark filing, corporate tax filing, and VAT processes online, according to a press release. The new Filings.AE and LEDGERS platforms will draw on the expertise of local firms and accountants to offer support for Emirati business standards. The platforms will target over 50k SMBs in their first phase.

About EQL: EQL Fintech ’s branches in the UAE and India offer financial services, including embedded finance and payments, to over 150k startups and small businesses worldwide. The company is backed by the reputed investors ICICI Bank Limited, BEENEXT, and Udtara.

DECARBONIZATION-

Drydocks World, a UAE-based shipbuilding and repair services company, is retrofitting small vessels with hybrid batteries to reduce carbon emissions in marine services, Gulf News reports. The company plans to begin by retrofitting one of its harbor tugs with “a new generation of battery technology,” with future plans to extend the initiative to include installing hybrid batteries in client vessels such as yachts and leisure crafts. “Our hybrid-battery retrofit scheme is a direct way to cut emissions, especially for maintenance vessels who perform daily short routes,” Rado Antolovic, Drydocks World’s CEO said.

Earlier this year, the International Maritime Organization (IMO)announced regulations aiming to decrease carbon emissions from international shipping. The goal is to achieve a 40% reduction by 2030 and a 70% reduction by 2050, both compared to 2008 levels.

STARTUPS-

Saudi Basic Industries Corporation (SABIC) + AstroLabs are partnering up to launch the Mega Green Accelerator in the MENA region, Wamda reports. The Middle East, which is warming twice as fast as the global average, has seen only 50 climate startups founded since 2010, compared to 5k in the US and Europe. The Mega Green Accelerator will seek to bridge this gap by developing a network of climate-focused innovators in the MENA region. The project’s initial focus will be on circular economy, clean energy transitions, water, and agriculture. The accelerator provides participating entrepreneurs with access to influential business leaders, seed funding, and mentorship. Dubai Future District Fund, Venture Souq, and Shurooq Partners will offer investment and networking opportunities alongside fundraising mentorship.