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DEBT-<\/p>\n
Dubai-based automotive distributor <\/strong>Gargash Group<\/a><\/strong> inked an MoU with our friends at <\/strong>Mashreq<\/a><\/strong> to obtain a green loan of an undisclosed sum <\/strong>to fund the company\u2019s solar installations across 25 sites, in addition to other potential energy efficiency projects, according to a press release<\/a>. The solar installations are scheduled to be implemented over the next three years, with five of them slated for completion next year.<\/p>\n More in the pipeline:<\/strong> The company is in talks with the lender for other sustainability-linked credit facilities. <\/p>\n \n CAPITAL MARKETS-<\/p>\n Scope Markets rolls out first-ever CFDs for DFM and ADX<\/strong> indices:<\/strong> Cyprus-based broker Scope Markets<\/a> launched the first contract for differences (CFD) products for trading in DFM and ADX indices, according to a statement<\/a> on LinkedIn. The new products give traders access to Dubai\u2019s DXB and ADX\u2019s AD15 indices.<\/p>\n What is CFD trading? <\/strong>A CFD allows traders to speculate on the price difference of a financial product between the contract's opening and closing without owning the underlying asset. Used for stocks, commodities, currencies, and indices, they allow traders to cash in on price fluctuations \u2014 by either going long or short \u2014 without buying or retaining the stock. <\/p>\n \n BUSINESS-<\/p>\n Dubai Future Foundation<\/a><\/strong> and the Economy Ministry launched the Dubai<\/strong> Intellectual Property Hub (DIPH)<\/strong>, a centralized platform for intellectual property and intangible assets, according to the Dubai Media Office<\/a>. The initiative aims to support entrepreneurs, artists, and researchers by providing tools to protect and monetize their ideas, including providing guidelines for the process of intellectual property registration and protection.<\/p>\n \n MANUFACTURING-<\/p>\n Borouge inks AED 20 mn agreement with UPI for recycled polypropylene<\/strong> for pallets:<\/strong> Borouge secured a AED 20 mn agreement with Union Pipes Industry (UPI<\/a>) to supply UPI with 100% post-consumer recycled polypropylene for pallets used in Borouge<\/a> 's logistics operations, according to a press release<\/a>.The new pallets are designed to last three times longer than traditional ones.<\/p>\n \n HOSPITALITY-<\/p>\n #1- RAK Properties and Minor Hotels to launch Anantara residences in Ras<\/strong> Al Khaimah: <\/strong>ADX-listed developer RAK<\/a>Properties<\/a> and Minor Hotels<\/a> are set to introduce Anantara<\/a> -branded residences on Mina al Arab in Ras Al Khaimah, according to a press release (pdf)<\/a>. The development will feature 94 apartments and 20 overwater villas. No details were provided on the project\u2019s cost or timeline.<\/p>\n #2- UAE-based <\/strong>Time Hotels<\/a><\/strong> is expanding into the Maldive<\/strong>s with two new brands, Halo <\/strong>and Vivi<\/strong>, set to launch in 4Q 2026, Hotel & Catering<\/a> reports, citing a company announcement. The expansion is backed by the state-run Maldives Fund Management Corporation (MFMC)<\/a>.<\/p>\n \n INS.-<\/p>\n Ins. company suspended for failing to meet capital<\/strong> requirement: <\/strong>The Central Bank of the UAE barred a takaful insurer from issuing, finalizing, or renewing auto and health ins. contracts after it failed to meet the minimum capital requirements set by the ins. law, it said in a statement<\/a>, without disclosing the name of the company. The company has six months to improve its solvency and comply with CBUAE directives, while still being responsible for all existing contracts. <\/p>\n \n TECH-<\/p>\n #1- <\/strong>ADQ taps EQTY Lab to advance AI initiatives:<\/strong> Abu Dhabi\u2019s ADQ will use Switzerland-based EQTY Lab\u2019s AI integrity suite to ensure responsible AI use within its portfolio, according to the Abu Dhabi Media Office statement<\/a>. <\/p>\n It\u2019s not their first partnership:<\/strong> ADQ first partnered with EQTY Lab in 2023, when they launched ClimateGPT, an open-source AI model addressing climate change and sustainability.<\/p>\n \n #2- US-based tech services provider <\/strong>DXC Technology<\/a><\/strong> opened a <\/strong>new office in Dubai Internet City<\/strong>, according to a press release<\/a>. The company offers cloud infrastructure, IT outsourcing, ins. software, and cybersecurity solutions. The company has operated in the MENA region for over three decades.<\/p>\n \n REAL ESTATE-<\/p>\n Emirati-Turkish-Azerbaijani JV RMS Capital<\/strong> Investment launched its debut project in Dubai<\/strong>, a new phase of the Verdana project by Reportage Properties<\/a>, according to a press release<\/a>. RMS Capital Investment is a JV between Emirati Reportage Properties<\/a>, Turkish Mesa Holding<\/a>, and Azerbaijani Sabah Investment Group<\/a>.<\/p>\n REFRESHER- <\/strong>The three firms inked a cooperation agreement in July<\/a> to form RMS Capital Investment, targeting to \u201cexecute massive projects in Dubai, Istanbul, and Baku.\u201d The entity plans to allocate USD 600 mn in initial investments.<\/p>\n \n CONSTRUCTION-<\/p>\n Engineering consultant <\/strong>Egis<\/a><\/strong> was appointed<\/strong> to oversee the AED 10 bn expansion <\/strong>of <\/strong>the Dubai Exhibition Centre (DEC)<\/strong>, according to a press release<\/a>.<\/p>\n Background:<\/strong> The DEC extension project will make it the largest indoor events and exhibitions venue in the region. The project comes as a part of the Emirate\u2019s plan to double the number of large-scale events<\/a> it hosts annually to 600 by 2033 and grow its meetings, incentives, conferences, and exhibitions (MICE) sector to generate AED 54 bn per year.<\/p>\n \n CRYPTO-<\/p>\n Sharia-compliant crypto JV Firoza Finance launches pilot program<\/strong>: <\/strong>Firoza Finance<\/a>, a Shariah-compliant blockchain-based micro-financing platform JV between Liberty Finance<\/a> and HAQQ Network<\/a>, launched its pilot program, the world's first real-world Mudarabah smart contract, it said in a press release (pdf)<\/a>.<\/p>\n Program details:<\/strong> The initiative allows investors to pool crypto assets into three investment pools, totaling over USD 2 mn in value. The anticipated annual yield from these pools is expected to partly contribute revenue to Liberty Finance's Amana Vaults, which support Islamic lending services.<\/p>\n \n INFRASTRUCTURE-<\/p>\n Dokainish & Company establishes MENA headquarters in<\/strong> the UAE: <\/strong>Canadian project controls and technology consultant Dokainish & Company<\/a> established a regional headquarters in the UAE, aiming to serve government and private sector clients in the MENA region across sectors like construction, infrastructure, energy, and commercial development, according to a press release<\/a>. The firm named Esam El-Makkawy (LinkedIn<\/a>) as its MENA managing director.<\/p>\n","protected":false},"excerpt":{"rendered":" Plus: Lots of real estate, crypto, hospitality, and construction news<\/p>\n","protected":false},"author":1,"featured_media":96449,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[72,47,766,1357,29,476,107,1860,7,374,477,161,99,1344,607,534,98,1341,1367],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adq","tag-also-on-our-radar","tag-borouge","tag-business","tag-capital-markets","tag-cbuae","tag-crypto","tag-dubai-future-foundation","tag-enterpriseam-uae","tag-green-finance","tag-hospitality","tag-infrastructure","tag-logistics","tag-ma","tag-rak-properties","tag-ras-al-khaimah","tag-real-estate","tag-tech","tag-transport","wpautop","entry"],"acf":{"mongo_id":"66e70d49-6e38-4146-860c-a56ab2ef74d6","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1978.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mashreq grants Gargash Group its debut green loan + New CFDs fro DFM, ADX indices","related_issue":[96429],"teaser":"Plus: Lots of real estate, crypto, hospitality, and construction news","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.186442fe-a117-4429-8618-33b00ed3c19a.mp3"},"yoast_head":"\n
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