INDUSTRIALS-

Adnoc L&S, Ta’ziz ink 50-year agreement for UAE’s first chemical export port: Adnoc Logistics & Services (Adnoc L&S) and Ta’ziz — a joint venture (JV) between Adnoc and ADQ — signed a 50-year agreement for the chemicals export port at the Ta’ziz Industrial Chemicals Zone in Al Ruwais, according to an ADX disclosure (pdf). The port, currently being developed by NMDC Group under a USD 300 mn EPC contract awarded in 2024, is slated for completion in 4Q 2026 and set to be the UAE’s first chemicals export port.

The details: Adnoc L&S will build, own, and operate the port. The project is expected to bring in revenues upwards of USD 1.3 bn for Adnoc L&S over 27 years and is aiming to improve export routes to markets in Africa and Asia.

About the site: The port will include three berths: two liquid berths for ammonia, methanol, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda and one dry berth. This comes as T’aziz’s total chemicals production is set to rise to 4.7 mn tons per year by 2028 from its 17 sq km Al Ruwais 17 sq km facility.

CRYPTO-

Bybit secures first virtual asset platform operator license: Dubai-based crypto exchange Bybit obtained a full virtual asset license from the Securities and Commodities Authority (SCA), becoming the first platform to do so, according to a statement. The license allows Bybit to offer regulated trading, brokerage, custody, and fiat conversion services to both retail and institutional clients in the UAE.

Next move: The exchange is now moving ahead with plans to establish a regional operations center in Abu Dhabi, employing over 500 staff.

REFRESHER- Earlier this year, Bybit received in-principle approval from the SCA to set up a UAE-based platform.

FINANCE-

Leos Development secures AED 209 mn facility from Emirates Islamic for expansion: Dubai-based Leos Development has secured an AED 209 mn (c. USD 56.9 mn) escrow monetization facility from Emirates Islamic, the Islamic finance arm of Emirates NBD, to fund new development projects and support capital expansion and acquisitions, according to a press release. Leos’ portfolio includes developments in the UK, as well as the UAE.

Escrow facility? The facility allows the company to access liquidity, likely backed by its own escrowed assets.

INVESTMENT-

Bahrain’s Esterad launches DIFC-based asset management arm: Bahrain-listed Esterad Investment Company established Esterad Capital, a Category 3A asset management firm licensed by the Dubai Financial Services Authority, in the Dubai International Financial Center (DIFC), according to a press release. The new unit will serve as a regional investment platform focused on private equity, real estate, and alternative assets across the GCC and global markets.

ICYMI- Bahrain firms are deepening their UAE footprint: Earlier this week, Arcapita Group launched Lintara Properties, a regional platform managing USD 1 bn in GCC industrial and logistics assets, including developments in Saudi Arabia and the UAE.

JOBS-

Emirati heavyweights to create 3k jobs for local talent: Leading Emirati firms will create more than 3k windows for UAE talent in sectors like finance, emerging technology, and education, in Al Ain, after signing 17 MoUs with the Government Enablement Department on the sidelines of the Al Ain forum, according to an Abu Dhabi Media Office statement.

Who’s in? Industry leaders like Adnoc, Mubadala, G42, e&, Abu Dhabi Aviation Group, and the Industry and Advanced Technology Ministry were among those inking agreements on hiring and training programs for Emiratis.

M&A-

Dubai’s Aria Commodities unit in USD 135 mn reverse takeover agreement with Kibo Energy: Dubai-based Aria Commodities’ institutional asset management arm Carbon Resilience entered a reverse takeover agreement with London-listed Kibo Energy for USD 135 mn reverse takeover, according to a statement. The acquisition gives Kibo a 14 GW renewable energy portfolio in Queensland, Australia, spanning onshore wind, solar PV, and battery storage.

What’s next: The agreement will be completed through the issuance of about 966 mn new Kibo shares, pending shareholder and regulatory approval. The combined group plans to pursue projects in green steel, sustainable fuels, and industrial decarbonization.

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