AD Ports, Nimex open LPG terminal at Khalifa

AD Ports Group and Nimex Terminals broke ground on a new liquefied petroleum gas (LPG) storage terminal at Khalifa Port, the UAE’s first private-sector LPG terminal, according to a statement. The new hub will feature a fully automated storage and distribution system.

REMEMBER- The project, initially announced in November, will run parallel to an LNG terminal hub under development at the port. The agreement is valued at over AED 30 bn, based on the projected 50-year multiple revenue streams from the two terminal hubs, with initial operations set to launch by mid-2028.

What’s in the cards? The project’s first phase is scheduled to be commissioned within the next three years. It will include four LPG bullet tanks (with a total 21k cbm capacity) and two propane and butane containment refrigerated storage tanks — one boasting a 50k cbm capacity and the other 67k cbm. Phase two will bump up the facilities’ total terminal capacity to 280k cbm.

This is the second major energy storage hub breaking ground at Khalifa Port this week, after Monday’s groundbreaking of Oylz Terminals’ petroleum products facility.

Deepened urban development cooperation with Azerbaijan

Abu Dhabi and Baku are now twin cities after Abu Dhabi’s Department of Municipalities and Transport finalized an agreement with the Azerbaijan capital, state news agency Wam reports. The framework will see the two cities collaborate on traffic operations and data-driven mobility, using shared KPIs to track and scale urban development projects across both capitals. The agreement also aims to boost cooperation in green infrastructure initiatives.

This comes amid broader cooperation between the UAE and Azerbaijan, with the two inking a comprehensive economic partnership agreement in July and signing MoUs in areas like transport and tourism later in the year.

UAE to set up manufacturing plant in Bangladesh

UAE-Bangladesh JV to roll out USD 10 mn polymer facility: Integrated Composite Industries, a UAE-Bangladesh joint venture, entered into a land lease agreement with the Bangladesh Export Processing Zones Authority (Bepza) to roll out a manufacturing plant in the Bepza Economic Zone, according to a press release. With a proposed investment of USD 10 mn, the facility will produce civil engineering materials, including FRP composite products and steel frames.

The details: The facility will have an annual production capacity of 6.2k tons, focusing on modern bathtubs, jacuzzis, and panel tanks to serve the shipbuilding and cruise industries, with the majority of output slated for Dubai export.

Invictus digs its roots deeper in Africa with another acquisition

Invictus Mauritius subsidiary finalizes North African acquisition: ADX-listed agri-food firm Invictus Investment’s wholly owned Mauritius subsidiary finalized binding documentation to acquire a majority stake in a North African agro-food manufacturing firm, according to an ADX disclosure (pdf). The agreement remains subject to local regulatory approval and procedures, and the disclosure did not specify the takeover target or its ticket size.

Why now? The transaction aims to fit into the Ghitha unit’s existing agro-commodity trading operations and its business footprint in Africa. The firm has expanded aggressively through acquisitions over the past year, as it looks to boost its downstream and midstream segments. Its acquisitions include the entirety of Mozambique’s Merec Industries, a 65.25% stake in Angola’s Angata, and 60% stake in Morocco’s Graderco. Expansions were reportedly behind the company’s revenue surge last year, with its top line climbing 49% y-o-y to AED 13.3 bn.

AllianceBernstein joins UAE’s domestic feeder funds

Global asset manager AllianceBernstein (AB) rolled out two UAE onshore feeder funds in collaboration with fund distribution platform Allfunds, according to a press release. The two funds aim to help Alliance create a wider client base of regional investors and institutions. The new UAE-domiciled structures provide local investors with access to AB’s American Income and Low Volatility Equity portfolios.

REMEMBER-Back in 2024, the Securities and Commodities Authority prohibited foreign funds and asset managers based outside of the Emirates from marketing foreign funds to retail investors in the UAE. This resulted in a wave of domestic feeder funds, which are essentially sub-funds that pool investment capital under a large umbrella, allowing retail investors to access foreign master funds. HSBC and Barjeel Geojit are among the entities that have launched onshore and feeder funds in the UAE recently.

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