{"id":108444,"date":"2025-10-14T00:00:00","date_gmt":"2025-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lt-to-build-substation-in-uae-miral-e-launch-yas-island-metaverse\/"},"modified":"2025-10-14T00:00:00","modified_gmt":"2025-10-14T00:00:00","slug":"lt-to-build-substation-in-uae-miral-e-launch-yas-island-metaverse","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/14\/lt-to-build-substation-in-uae-miral-e-launch-yas-island-metaverse\/","title":{"rendered":"L&T to build substation in UAE + Miral, e& launch Yas Island Metaverse"},"content":{"rendered":"

ENERGY-<\/p>\n

L&T to build 400 kV substation in <\/strong>UAE <\/strong>for GCC grid expansion: <\/strong>India\u2019s Larsen & Toubro (L&T) secured an engineering, procurement, and construction contract for a 400 kV substation in the UAE, to be part of a wider GCC network, according to a press release<\/a>. The new station will form a key part of a power interconnection link between the UAE and Oman.<\/p>\n

The details: <\/strong>The project, awarded to L&T\u2019s power transmission and distribution division, will enhance cross-border power exchange and strengthen grid reliability across the GCC. The 400 kV link builds on the existing 220 kV connection between the two countries.<\/span><\/p>\n

COMMODITIES-<\/p>\n

Hong Kong launches Dubai-based commodities pricing arm:<\/strong> Hong Kong Exchanges and Clearing (HKEX) launched Commodity Pricing and Analysis Limited (CPAL), a new Dubai-based subsidiary that will serve as a commodities pricing administrator, the bourse said in a statement<\/a>. <\/p>\n

The details: <\/strong>CPAL will provide independent price reporting and market analysis for the global metals market and support the London Metal Exchange\u2019s plans to develop sustainable metal premia. The bourse cited Dubai\u2019s second-place ranking<\/a> in the global Commodity Trade Index as a factor in the move.<\/p>\n

ICYMI-<\/strong> The move follows an MoU signed last month<\/a> between the Abu Dhabi Securities Exchange and HKEX to expand cross-border cooperation, including dual listings, cross-border financing, and product development such as exchange-traded funds.<\/p>\n

TECH-<\/p>\n

Miral and e& launch Yas Island Metaverse: <\/strong>Abu Dhabi-based real estate developer Miral and e& enterprise, the digital transformation arm of e&, have launched the Yas Island Metaverse, an interactive platform aiming to attract international business and developers to the island, according to a press release<\/a>. The platform uses virtual reality, AI, and 3D modelling to provide a gamified experience letting users navigate the island\u2019s business offerings and visualize events.<\/p>\n

ICYMI-<\/strong>Miral is currently working on developing Middle East Disneyland<\/a> on Yas Island \u2014 its latest move to transform Yas Island into a global leisure destination, already home to Warner Bros. World, Ferrari World, SeaWorld Abu Dhabi, and Yas Waterworld.<\/p>\n

FINANCIAL SERVICES-<\/p>\n

XS<\/strong>.com secures SCA license: <\/strong>Global multi-asset fintech firm XS.com<\/a> has obtained a category 5 license from the UAE Securities and Commodities Authority (SCA), according to a press release<\/a>. The firm established a new entity through which to offer its financial services in the Emirates.<\/p>\n

XS.com? <\/strong>Founded and first licensed in Australia in 2010, XS.com is also authorized in Cyprus, the Seychelles, Malaysia, South Africa, Mauritius, and Kuwait. It targets brokers, investors, and traders with its tech-based trading solutions and access to liquidity.<\/p>\n

LOGISTICS- <\/p>\n

Dubai Taxi to supply 500 delivery bikes to Keeta by year-end: <\/strong>Dubai Taxi signed an agreement with food delivery app Keeta to supply it with around 500 delivery bikes and drivers by the end of 2025, CEO Mansoor Rahma Alfalasi told Khaleej Times<\/a>. Keeta currently operates about 150 bikes in Dubai, with the agreement expected to generate over AED 10 mn in revenue in the first year and create 500 delivery jobs. <\/p>\n

ICYMI-<\/strong>Keeta, the food delivery arm of Chinese consumer service tech giant Meituan, is set to invest hundreds of mns of USD<\/a> in the Emirates over 3-5 years under an MoU signed with the Investment Ministry.<\/p>\n

REMEMBER- <\/strong>DTC\u2019s delivery bike revenues surged 102% y-o-y in 2Q 2025 to AED 18.2 mn, contributing to an overall 17.7% rise in total revenue to AED 625.1 mn and a 32.8% jump in net income to AED 105.4 mn<\/a>. The company aims to expand its fleet to around 3k bikes by year-end.<\/p>\n

STARTUPS- <\/p>\n

#1- <\/strong>DIFC <\/strong>+ PFG to provide growth debt to UAE startup firms: <\/strong>Dubai International Financial Center (DIFC) and US-based private credit provider Partners for Growth (PFG) are partnering up to provide debt financing to tech-focused startups, according to a press release<\/a>. PFG, which has already backed regional firms like Tabby and Huspy, will take the lead on origination, portfolio management, and underwriting. <\/p>\n

The details: <\/strong>Funding will be primarily earmarked for firms based in Dubai and the wider GCC area, however financing could also be deployed to companies headquartered elsewhere that are looking to expand operations to the MENA region. The tie-up looks to support promising firms in fintech, ins. tech, proptech, SME digital finance, spacetech, and healthtech sectors.<\/p>\n

#2- Cybersecurity Council, DWTC join <\/strong>Presight<\/strong>\u2019s AI startup accelerator\u2026: <\/strong>The UAE Cybersecurity Council\u2019s CyberE71 program and Dubai World Trade Centre (DWTC) are joining G42-backed data analytics firm Presight\u2019s AI startup accelerator program as partners, according to two separate press releases here (pdf)<\/a>, and here (pdf).<\/a> The CyberE71 will help Presight develop cybersecurity-focused research and technical initiatives, while DWTC will grant founders in Presight\u2019s program access to its international network and events. <\/p>\n

#3- <\/strong>Legaltech <\/strong>firm Oqood taps USD 1 mn in seed funding: <\/strong>UAE-based legaltech startup Oqood secured USD 1 mn in seed funding to expand its presence across the GCC and boost operational efficiency, according to a press release<\/a>. The funding came from a group of angel investors.<\/p>\n

About Oqood: <\/strong>Founded in 2024 by Khaled Al Rasheed (LinkedIn<\/a>), the firm designs AI-powered solutions for law firms and corporate legal teams, and looks to use AI to cut out repetitive manual and admin work for firms.<\/p>\n

TELECOMS-<\/p>\n

Ericsson to upgrade <\/strong>e& <\/strong>UAE<\/strong>\u2019s 5G network: <\/strong>Telecom operator e& UAE<\/a> has signed a multi-year agreement with Swedish telecommunications and technology firm Ericsson<\/a> to upgrade e&\u2019s 5G core network, according to a press release<\/a>. The upgrade targets low-latency connectivity, supporting the network\u2019s use for industry-grade services and IoT applications.<\/p>\n

The tie-up: <\/strong>The agreement will see Ericsson modernize e&\u2019s core network applications using unified data management, IP multimedia subsystem, and user data consolidation \u2014 running on a hybrid setup combining Ericsson\u2019s cloud native infrastructure solution and e&\u2019s own cloud.<\/p>\n

CRYPTO-<\/p>\n

IOPn to power world\u2019s first blockchain citizenship program:<\/strong> UAE-based blockchain firm IOPn partnered with the S\u00e3o Tom\u00e9 and Pr\u00edncipe government to launch the world\u2019s first blockchain-based citizenship-by-investment program, according to a statement (pdf)<\/a>. The five-year agreement \u2014 to be implemented through S\u00e3o Tom\u00e9\u2019s exclusive partner, STP Service Advisory \u2014 will use IOPn\u2019s OPN Chain and ATLAS AI platform to build a secure, transparent digital system for processing citizenship applications. <\/p>\n","protected":false},"excerpt":{"rendered":"

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