LOGISTICS-

Hafeet Rail inks a slew of agreements: Hafeet Rail inked several contracts for railway maintenance facilities, uptake of freight wagons and the cross-border transportation of raw materials, in part of the UAE-Oman rail project, Wam reported on Friday. The USD 2.5 bnjoint project will connect the UAE with Oman’s Port of Sohar. The agreements include:

#1- Establishing new rail facilities: Hafeet Rail inked a strategic design and construction contract with Indian construction firm Larson & Toubro (L&T) and state-owned heavy and civil engineering firm Power China to build state-of-the-art railway logistics facilities Al Buraimi and Sohar.

#2- Expanding wagon rail fleet: The firm awarded a strategic contract to state-owned China Railway Rolling Stock Corporation (CRRC) for the design, engineering and supply of high-performance freight wagons.

#3- Transporting raw minerals: UAE-based building materials manufacturer Emirates Steel Arkan (Emsteel) formed a 15-year primary partnership agreement with Hafeet Rail for the transportation of raw limestone and red shale, Wam reported separately. Under the agreement, the pair will transport up to 4.2 mn tonnes of raw materials from Oman to the UAE annually. Emsteel will operate the Emsteel rail transfer facility in the UAE’s Al Ain, which will be equipped with railcar unloading stations, conveyor systems, and stockpile management systems.

EDUCATION-

Alef expands its presence in Indonesia: UAE-based edtech company Alef Education signed MoUs with Indonesia’s Foreign Ministry to strengthen its footprint in the country, according to a press release (pdf). The agreements will allow Alef to scale its AI-powered learning solutions across Indonesian schools. Alef Education has been operating in Indonesia since 2021, with over 750k students already using its AI-driven platforms for maths, Arabic, and English learning.

CAPITAL MARKETS-

BHM Capital approved as market maker on Muscat Stock Exchange: Dubai-based financial services firm BHM Capital received approval from the Financial Services Authority to operate as a Market Maker on the Muscat Stock Exchange (MSX), according to a disclosure (pdf) to Dubai Financial Market.

BUSINESS-

Dubai Chambers and the US Chamber of Commerce inked an agreement to strengthen trade relations and enhance business ties, Wam reports. The agreement aims to boost bilateral trade and economic cooperation between the US and the emirate.

The details: The partnership will see both chambers assist members in setting up and investing in the US and Dubai. Both entities will cooperate in trade fairs, investment missions, conferences, and exhibitions, along with the exchange of information and reports.

STARTUPS-

Korean startups to use Expo City Dubai facilities: Expo City Dubai partnered with the Korea International Trade Association (KITA) and the Korea IT Cooperation Center (KICC) to promote entrepreneurship and startups, according to a press release. Through the partnership, Korean startups can access Expo City’s economic free zone and its technology sandbox environment, the Urban Lab, where they can trial their operations and access feedback through the Lab’s data analytics.

ICYMI- The UAE-Korea SMEs and Startup Committee met last December to discuss how to up partnerships supporting entrepreneurship, startups, and innovation. Last October, KICC opened a regional office in the UAE, KICC UAE, to assist Korean tech companies looking to expand into the UAE.

AI-

G42 and Microsoft roll out the first Responsible AI Foundation: State AI firm G42 and Microsoft launched a Responsible AI Foundation, the first center of its kind in the Middle East, according to a press release. The initiative partners with Mohamed bin Zayed University of Artificial Intelligence to advance ethical AI standards in the region. Inception, a G42 subsidiary, will oversee the program’s leadership.

The details: The Responsible AI Foundation will focus on research to develop AI safety tools, bias mitigation techniques, and transparency standards through partnerships with global institutions. It will also work on implementation and governance to create ethical deployment frameworks that include risk assessment models, external ethics boards, and region-specific guidelines addressing cultural diversity.

ALSO- Microsoft expanded its AI For Good Lab to Abu Dhabi through its partnership with G42.

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