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DP World is making headway on its Port of Tartous development, delivering three mobile harbor cranes to the Syrian port, marking a key step in its USD 800 mn investment program to upgrade the port, Gulf News reports. The cranes are expected to lift cargo handling capacity by around 40%.
IN CONTEXT- The logistics giant will develop and operate the port under a 30-year concession agreement with Syrian authorities, inked last July. DP World will hold full ownership under the model and also explore setting up freezones, industrial zones, and dry ports under the agreement.
Adnoc Gas lines up contractors for its entire Rich Gas Development program
All contractors now in place for Adnoc Gas’ USD 13.2 bn buildout: Adnoc Gas has awarded contracts across all three phases of its USD 13.2 bn Rich Gas Development program. China’s Wison Engineering will build a new gas processing train at Habshan under a USD 3.9 bn agreement — its largest-ever single EPC award — while Italy’s Tecnimont will take on a parallel USD 4.3 bn NGL fractionation train at Ruwais. Including an associated 220 kV switch station, Wison’s slice is worth some USD 4.04 bn, according to a press release.
REMEMBER- Adnoc Gas began approaching contractors for the Habshan train in April last year, targeting a 2029 commissioning. Habshan’s five existing trains and 14 processing units handle 6.1 bcf / d of onshore and offshore gas from across Abu Dhabi — capacity the company says it restored to 85% ahead of schedule this quarter following conflict-related disruptions.
CBD becomes first UAE bank to enable cross-bank payments
Commercial Bank of Dubai (CBD) has become the first UAE lender to allow customers to initiate payments from accounts at other banks directly through its app, according to a press release. The bank has secured approval from the Central Bank of the UAE to operate as a third-party provider under the Open Finance Initiative.
IN CONTEXT- The central bank’s open finance framework was initially rolled out in 2024 to allow customers who have consented to the initiative to share bank data and make payments via licensed third parties using secure APIs. Abu Dhabi Islamic Bank and First Abu Dhabi Bank were among the early adopters of the framework.
Sanad to double engine capacity by 2027
Sanad plans to nearly double its annual Trent 700 engine capacity to 90 by 2027, up from 50 at present — with an interim target of 75 engines by the end of 2026, Managing Director and CEO Mansoor Janahi told CNBC (watch, runtime: 3:06). The Mubadala-owned aerospace firm is also adding capacity for 100 LEAP engines annually by the end of 2027. The buildout spans a 300-engine operation in Abu Dhabi and a new 360-engine MRO center in Al Ain, which is currently around 10% complete.
The numbers back it up: Sanad’s 1H revenue rose 35% y-o-y to AED 4.3 bn, with international customers generating 99% of the total. The company also signed eight new commercial agreements worth AED 95.5 mn.
IN CONTEXT- Sanad has invested more than AED 800 mn over the past two years, with its pipeline including an AED 480 mn engine-component repair center in Al Ain due to open by 2030 and a GTF engine MRO facility due to start operations in late 2028. It has also expanded Rolls-Royce Trent 700 workload to as many as 612 shop visits through 2031, giving the current capacity push a longer runway.
Tax startup raises USD 1.75 mn to ride UAE e-invoicing rollout
Dubai-based tax software startup Tax Star raised USD 1.75 mn in a seed round backed primarily by angel investors as it rolls out its e-invoicing platform ahead of the UAE’s first mandatory compliance deadlines, according to a press release.
What does it do? Tax Star is a pre-approved accredited service provider (ASP) for UAE e-invoicing — enabling it to connect businesses with the country’s Electronic Invoicing System as companies prepare for the new regime, whose pilot is already underway.
Where is the money headed? The funding will go toward go-to-market expansion, product development, and compliance tools, as the startup looks to simplify implementation instead of focusing solely on individual-accounting software integration.
IN CONTEXT- Businesses with annual revenue of AED 50 mn or more face an ASP appointment deadline of October 30, ahead of mandatory implementation in January 2027.
