M&A-

DP World unit takes control of NACC: P&O Maritime Logistics, a DP World subsidiary, finalized the acquisition of a controlling stake in NovaAlgoma Cement Carriers (NACC), the world’s largest operator of pneumatic cement carriers, after receiving all regulatory approvals, according to a statement. The acquisition, which was first announced in July, does not include NACC’s JVs in Northern Europe, Greece, and Indonesia. The transaction’s value was not disclosed.

Bigger picture: The transaction expands DP World’s footprint in breakbulk and dry-bulk logistics, adding cement transport operations across North America, Europe, South Asia, and the Mediterranean. The firm’s founders, Nova Marine Holding and Algoma Central Corporation, will both retain minority stakes in the company.

LOGISTICS-

DP World launches Jebel Ali-Berbera shipping route: DP World introduced a new shipping service linking Jebel Ali Port in Dubai with Berbera Port in Somaliland, with the new route set to run every nine days, Gulf News reports. The route — which stops at Aden and Djibouti — aims to boost trade connectivity between the Gulf and East Africa, offering inland access to Ethiopia and reducing reliance on Djibouti Port.

IN CONTEXT- DP World took over operations of Berbera Port back in 2017, with cargo throughput up by 90% since then. The port is close to Berbera Special Economic Zone — run jointly by DP World and the Somaliland government.

STARTUPS-

Dubai University launches AED 100 mn fund for tech startups: The University of Dubai launched the Dubai Tech X Fund, a AED 100 mn investment program for tech startups, state news agency Wam reports. The fund, launched in partnership with venture capital firm Significa Ventures, will invest in AI startups working in deeptech and artificial intelligence. It will provide capital for firms developing tech solutions in the healthcare, education, energy, and smart city sectors.

DEBT-

A ratings boost for Invest Bank from Capital Intelligence: Capital Intelligence Ratings raised Sharjah-based Invest Bank’s (IB) core financial strength rating to B+ from B, and its standalone rating to BB from BB-, with a stable outlook, according to an ADX disclosure (pdf). The firm affirmed IB’s long-term foreign currency rating at BBB- with a stable outlook, and kept its short-term foreign currency rating at A3.

The rationale: The improved rating came on the back of better profitability margins during 1H and a stronger capital base following a rights issuance in 2023, as well as a stronger business model. The bank is also likely to receive support from Sharjah’s government, which holds an 88.11% majority share, though downsides remain through weak financial indicators, exposure to outside economic and business conditions, and a high ratio of non-performing loans.

DEVELOPMENTAL FINANCE-

ADFD to develop road infrastructure in Uganda: The Abu Dhabi Fund for Development (ADFD) inked an AED 91.8 mn loan agreement with the Uganda Government for a road infrastructure project, state news agency Wam reports. Financing will come from ADFD, the Islamic Development Bank, and Uganda’s government.

A boost for transport connections: The project links four main districts in Eastern Uganda by upgrading a 98.3 km stretch of road and aims to boost economic development by improving the country’s transportation access to commercial centers.

BACKGROUND- Earlier this year, the two countries signed six MoUs on cooperation across key sectors, and last year, the Sharjah Chamber of Commerce and Industry inked an agreement to build the country’s third international airport. So far, ADFD has carried out three major projects in the country — valued at AED 79.3 mn in total.

HEALTHCARE-

India’s DhanwanthariVaidyasala to launch 10 healthcare centres in UAE: India’s Dhanwantari Vidyasala Group is expanding operations across the UAE with the launch of 10 healthcare centers over the next three years, with an initial investment valued at a minimum of AED 100 mn, Al Khaleej reports. It already launched its first international center in Dubai.

About the firm: Founded in 1933, the group is expanding globally with branches set to open in Bahrain, Qatar, Oman, the Philippines, Germany, and Australia by 2026. The company operates across medicine manufacturing, treatment, research, and development.

MANUFACTURING-

State-owned aluminium manufacturer Emirates Global Aluminium is expanding its Spectrum Alloys recycling plant in Minnesota, boosting its capacity to 200k tonnes per year, according to a press release. The new extension will add 45k tonnes of annual recycled billet capacity, after adding 55k tonnes per year in capacity earlier this year.

REMEMBER- The firm is pushing ahead with its US expansion plans through a planned USD 4 bn plant in Oklahoma, set to begin production in 2030. It is also in the running to develop Ghana’s Nyinahin Hills bauxite deposit, and is exploring a possible bid for Brazil’s Companhia Brasileira de Alumínio (CBA). The company is also reportedly eyeing plans for an IPO, which could rank among the region’s largest.

CAPITAL MARKETS-

Traders Hub launches exclusive trading account for Emiratis: Abu Dhabi-based brokerage Traders Hub introduced a new trading account for UAE nationals, offering zero-fee transactions, raw spreads, and leverage of up to 1:1000, according to a press release. The account — available with a minimum deposit of USD 100 — includes trading without swaps for five days, unlimited local bank transfers at no cost, and a 3% welcome bonus of up to USD 10k.

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