Gloria Blog

Abu Dhabi-based deep technology startup founded by an Emirati has won a top honour in Europe. Manhat, a startup that produces fresh water out of the sea, has bagged the prestigious Water Europe Innovations 2022 SMEs Award. Presenting the award to the startup’s founder Dr Saeed Alhassan, Water Europe noted the recognition is for Manhat’s “sustainable water and floating farm solution”. By using the natural water distillation technology, their innovative device has been able to “produce water sustainability from open water surfaces for irrigation use,” underlined Water Europe, which was established by the European Commission as the European technology platform for water. Manhat’s novel technique is to trap evaporated vapour from open water areas. The water vapour formed then condenses to form water droplets and is collected. The process doesn’t require any electricity and has zero CO2 emissions. This water can immediately be used for irrigating crops on floating farms. Read More : https:...

The Central Bank of the UAE (CBUAE) on Tuesday imposed administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator. The apex bank said it imposed a fine on the finance company on May 18, for failure to submit its audited financial statements by the deadline, and failure to abide by its guidelines. However, it didn’t disclose the name of the company and the amount of fine imposed on it. In addition, the company failed to comply with the Consumer Protection Regulations and Complaint Management System rulebook and the Central Bank instructed the company to remedy its shortcomings within a month of the notification. Read More : https://www.khaleejtimes.com/banking-in-uae/uae-central-bank-fines-financial-firm-for-violating-laws