Mubadala-backed Total Parco to get a new shareholder

ENERGY-

TotalEnergies to offload its stake in Mubadala-backed Total Parco Pakistan: TotalEnergies agreed to sell its 50% stake in Pakistani oil marketing firm Total Parco Pakistan, in which Mubadala owns a 40% stake, to Swiss energy commodities trading company Gunvor Group, a statement (pdf) from TotalEnergies showed. The value of the sale was not disclosed. The new entity will maintain the Total Parco brand for its retail business and the Total brand for its lubricants business for five years.

Who’s who? Total Parco Pakistan is a joint venture between Pakistan’s largest refinery Pak-Arab Refiner (Parco) and TotalEnergies Marketing and Services. Mubadala owns a 40% share in Parco, while the Pakistani government owns the remainder.

Reuters also had the story.

SUSTAINABILITY-

Gov’t offers clean energy certificates for utility-scale wind project: Emirates Water and Electricity Company is auctioning the country’s first clean energy certificates for a wind energy project, for state-run renewables giant Masdar’s landmark 103.5 MW wind project, Wam reports. The certificates are available for purchase by businesses interested in cutting their carbon footprint and hitting their sustainability goals.

More about the wind project: Masdar launched the country’s first utility-scale wind project in October 2023 in a bid to diversify the national energy mix and accelerate energy transition. The project features four wind farms — a 45 MW farm on Sir Bani Yas Island in Abu Dhabi, a 27 MW farm on Delma Island and a similar one in Al Sila, and a 4.5 MW farm in Al Halah in Fujairah.

CRYPTO-

Ripple, DIFC partnership in the works to accelerate blockchain use: US blockchain firm Ripple plans to partner with DIFC Innovation Hub to boost blockchain and crypto adoption among startups and scale-ups in the Dubai International Financial Center, according to a statement from the company. The partnership would also seek to implement blockchain technology in traditional strategic institutions, the statement read.

FINTECH-

Ziina gets SVF license from the central bank: New fintech Ziina has obtained a stored value facility (SVF) license from the Central Bank of the UAE, allowing it to offer a wider range of financial services to its customers, including peer-to-peer payments, bill payment, QR code payments, and prepaid card services, according to a statement. The license also gives Zinna a Banking Identification Number (BIN) sponsorship, allowing it to access card management services provided by the likes of Visa and Mastercard.

SOUND SMART- A stored value facility refers to products that can digitally store monetary value and use it to make payments, such as e-wallets.

DEVELOPMENT FINANCE-

Dubai Islamic Bank partners with MBRHE to back community initiatives: DubaiIslamic Bank and the Mohammed Bin Rashid Housing Establishment (MBRHE) inked a AED 29.7 mn partnership agreement to support community initiatives and corporate social responsibility, according to the Dubai Media Office. The initiatives aim at “achieving sustainable development and supporting the most needy segments of the society,” said Haitham Al Khaja, Director of Communication and Marketing at MBRHE.

PORTS-

S&P Global upgraded Abu Dhabi Ports’ credit rating to A+ with a stable outlook, according to a statement. The agency cited revenue growth and asset monetization initiatives as the reasons for the upgrade.

AVIATION-

Flydubai launched direct flights to Basel, Switzerland, making it the first UAE national carrier to fly to Basel, and bringing its European network up to 29 destinations, Wam reports. The service will operate four times weekly between Dubai International and EuroAirport Basel-Mulhouse-Freiburg, a France-based airport serving Switzerland, France, and Germany.

CAPITAL MARKETS-

Kazakhstan Stock Exchange to join ADX’s Tabadul: The Abu Dhabi Securities Exchange (ADX) agreed to add the Kazakhstan Stock Exchange (KASE) and the KASE Clearing Centre (KACC) to ADX’s cross-market trading platform, Tabadul, by the end of the year, Wam reports. The move will allow investors to access and directly trade on both bourses through Tabadul, with Kazakhstan’s Freedom Finance Global and Halyk Finance already onboarded as Tabadul hub brokers.

KASE joins current Tabadul members ADX, Bahrain Bourse, Muscat Securities Market, and Astana International Exchange.

MINERALS-

The Economy Ministry temporarily suspended 32 gold refineries until 24 October 2024, after logging 256 anti-money laundering violations during field inspections of gold trading and manufacturing activities, Wam reports. The move comes as the ministry rolls out due diligence regulations for the gold supply chain, as well as various non-financial sectors, in a bid to ensure compliance with international anti-money laundering and terrorism financing standards.

HEALTHCARE-

Healthcare provider Burjeel Holdings inaugurated Al Dhafra’s first ambulatory surgery center in Madinat Zayed’s Al Dhafra Mall on Wednesday, Wam reported. This is Burjeel’s fourth ambulatory surgery center in Abu Dhabi. It will cover 13 specialties, including cardiology, orthopedics, gastroenterology, obstetrics and gynecology, dentistry, dermatology, and urology, among others.