Al Rasheed gets clearance for 50% of taif shipping + Oman ratifies Hafeet Rail

Al Rasheed finalizes acquisition of 50% stake in Taif

Mohamed Hadi Al Rasheed & Partners has secured regulatory clearance to acquire a 50% stake in Taif Shipping for SAR 92.5 mn, according to a Tadawul disclosure. The company received a no-objection letter from the General Authority for Competition for the move, and other regulatory procedures still need to be completed before closing.

REMEMBER- The company signed the agreement for the acquisition in July. Al Rasheed mines and processes the silica; Taif ships and blends it for oilfield customers. Owning half the logistics chain gives Al Rasheed direct access to downstream marketing channels for its products. The transaction will be funded through Al Rasheed’s own resources and available financing facilities.

Hafeet Rail moves into its next phase

Oman has pushed Hafeet Rail another step toward the finish line. Oman formally ratified its railway agreement with the UAE, clearing a key government step for the USD 2.5 bn Hafeet Rail project as construction advances on the cross-border network, Gulf News reports. The 238-km railway will connect Sohar to the UAE’s national rail network through Al Buraimi and Al Ain.

The project is now firmly in build mode. It secured USD 1.5 bn in debt financing, and construction was around 40% complete earlier this year, with work underway across Al Ain, Al Buraimi, Sohar, and Wadi Al Jizzi. The line has a planned freight capacity of around 15k tons per trip, while Noatum Logistics has also lined up a daily container service between Oman and the UAE, running seven trains a week at 276 TEUs per train once operations begin.