LOGISTICS-

Hafeet Rail + Noatum Logistics ink agreement on UAE-Oman rail freight service: AD Ports’ subsidiary Noatum Logistics inked a preliminary agreement with Hafeet Rail to construct a new freight rail service connecting Oman’s Sohar to Abu Dhabi, according to a press release. The service will operate daily, running seven shipping container trains per week, each with a 276-TEU capacity. The containers will carry general cargo, manufactured goods, food products, pharma products, and agrifoods between the two countries.

ICYMI- Hafeet Rail is a USD 2.5 bn joint project between the UAE’s Etihad Rail, Mubadala, and Oman’s Asyad Group that aims to boost bilateral trade via the joint railway network. Hafeet inked a slew of contracts at the start of the year as part of the rail project. The two countries also agreed to develop the Al Rawdah Special Economic Zone between Sohar port and the UAE’s Jebel Ali port earlier this year.

#2- Port operator DP World inaugurated its USD 85 mn Sokhna Logistic Park in Egypt’s Sokhna Industrial Zone, according to an Egyptian cabinet statement. The first phase of the project has begun operations, while the second will go online in 3Q 2026, once both are operational the zone will create 300 jobs. The project includes a bonded warehouse for container storage and a duty-paid warehouse for goods storage, supporting sectors such as raw materials, packaging, agriculture, electronics, building material, textiles, cars, spare parts, and electric vehicles.

More to come? DP World plans to replicate its smart rail transport model implemented in India in Egypt within the next 12 months, as part of its broader strategy to expand into developing Egypt’s rail infrastructure, Bin Sulayem said.

REAL ESTATE-

Dubai-based Damac Properties is entering Iraq, with the firm launching its first luxury residential real estate community, Damac Hills Baghdad, in the country, according to a press release. The development will be made up of three clusters within a gated community and is part of a wider 6.2 mn project. The group did not disclose the value of the project or a timeline for execution and handover.

This isn’t Damac’s first global expansion move this year, with the firm debuting its first real estate project in the US at the start of 2025 — shortly after it committed USD 20 bn to data centers in the country.

AI-

Intel joins Kerno to expand UAE-built AI infrastructure: Dubai-based enterprise IT infrastructure firm Kerno Enterprises signed an MoU with semiconductor giant Intel Corporation to co-develop high-performance AI, universal, and edge computing systems for local enterprise and government clients, according to a press release. Production will take place at Kerno’s Dubai Silicon Oasis facility with a capacity to assemble up to 60k servers annually using advanced surface-mount and automated assembly technologies.

ICYMI- Kerno signed a separate agreement with US chipmaker AMD last week to co-develop Emirati-made AI and cloud infrastructure for the region, with a focus on the UAE and Saudi Arabia. The partnership includes plans for a joint testing and integration lab and an AI competency center to support local enterprise and government deployments under the Made in the Emirates initiative.

TRANSPORT-

Space42 teams up with e& UAE on autonomous mobility and smart cities: AI-powered space tech firm Space42 signed an MoU with telecom operator e& UAE to develop and deploy autonomous mobility and smart city technologies across the Emirates, according to a press release. The two will launch pilot projects for testing autonomous shuttles, robotaxis, and logistics fleets, as well as to integrate non-terrestrial and terrestrial networks into autonomous mobility operations.

DEBT-

Fitch Ratings affirms Fertiglobe’s IDR at BBB: Fitch Ratings kept Adnoc-owned urea and ammonia producer and exporter Fertiglobe’s long-term issuer default rating (IDR) at BBB, affirming the company’s outlook as stable, the firm said in a research note. It also reaffirmed its senior unsecured rating at BBB.

The rationale: The rating is above its standalone credit profile (SCP) of BBB- due to its support from Adnoc, which is ultimately backed by Abu Dhabi. Fertiglobe is an important part of Adnoc’s wider decarbonization and diversification drive, and is set to see strong demand for low-carbon ammonia as carbon costs in Europe rise, the agency said. Future income from a low-carbon ammonia plant slated for 2027 completion and robust financial fundamentals are upsides; however, asset exposure to Algeria and Egypt weighs on its rating due to power and gas outages impacting production levels.

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