THIS MORNING: IRH and Zambia move past mining spat + DAE taps Asian banks for USD 2.1 bn in funding

Good morning, everyone. As attacks on ships in the Strait of Hormuz continue and travel through the strait remains a trickle, the UAE’s east coast is having its moment, though not without its challenges or limits. That’s what we look at in today’s Big Story: Almost overnight, Gulftainer’s Khorfakkan terminal has gone from a low-key transshipment hub to the UAE’s main gateway outside Hormuz, with throughput jumping from 8k TEUS to 65k. We spoke to Group CEO Farid Belbouab about the expansion plans, as well as an analyst from Drewry about the limits of that very boom.

On the deals front, Agility Global is selling its entire 65.12% stake in Tristar to India’s Aegis Logistics for up to USD 581 mn, valuing the Dubai-based energy logistics player at USD 1.5 bn including debt.

IRH and Zambia’s ZCCM-IH seem to have patched things up, reaffirming their Mopani partnership while also exploring more mining prospects together. That comes just two weeks after ZCCM-IH accused IRH of breaching the takeover agreement and threatened arbitration.

Plus: Dubai is getting a tokenized water market, and DAE is tapping Asian banks for a USD 2.1 bn, seven-year loan, less than three months after closing its USD 9 bn Macquarie AirFinance acquisition.

IRH and Zambia move past mining spat

Abu Dhabi’s International Resources Holding (IRH) and Zambia’s state-owned ZCCM-IH are exploring more mining prospects together, Reuters reports, citing a joint statement. The two also reaffirmed their commitment to developing Mopani Copper Mines, where IRH acquired a 51% stake in 2024, and reiterated a previously pledged USD 1.1 bn investment commitment covering equity, shareholder financing, and operational support.

Quite the turnaround: Just two weeks ago, ZCCM-IH accused IRH of breaching its Mopani takeover agreement, threatening damages or arbitration. The Zambian miner alleged a USD 61 mn funding shortfall in 2025, said only USD 62.3 mn of a USD 308.1 mn development budget had been spent by March, and flagged missed production targets. IRH insisted at the time that relations remained strong, while neither side has confirmed whether the complaints have been resolved.

Still a long way to go: Mopani produced 66.4k tons of copper in 2025, against a target of 300k tons annually by 2029 — more than quadruple the current output. The ramp-up would contribute to Zambia’s wider ambition of producing 3 mtpa of copper by 2031.

IRH has been on the acquisition trail: The 2PointZero subsidiary previously pursued a stake in Zambia’s Konkola Copper Mines and last year agreed to acquire a majority stake in Congolese tin producer Alphamin Resources, extending its footprint across Africa’s critical minerals sector.

ICYMI- We reported on another reconciliation recently, after Emirates Global Aluminium (EGA) settled its dispute with the Guinean government, restarting bauxite shipments to the UAE.

Drawing in the next generation of wealth

Abu Dhabi and Dubai are among the top 10 cities worldwide for attracting the next generation of wealthy individuals, with the capital ranking eighth and Dubai 10th in Savills’ Next Generation Wealth Hubs Index. The study scored more than 100 destinations on their appeal to wealthy individuals under 40, from heirs to founders. Within the EMEA region, only London beats Abu Dhabi, while Dubai comes fourth. Savills credits Abu Dhabi’s growing financial center and family office presence and Dubai’s international connectivity and entrepreneurial ecosystem.

REMEMBER- The index measures potential, not inflows. We reported in April that inquiries for UAE residency programs dropped 13% q-o-q in 1Q 2026 amid regional tensions, although experts cautioned against interpreting the shift as a permanent exodus. Mashreq Private Bank head Vipul Kapur previously told EnterpriseAM he expects the next wave of demand to be generational, with tns of USD expected to change hands over the next decade and the UAE due its own share of that. Dubai has also been expanding its wealth management infrastructure, with DMCC introducing a new foundations framework to help families manage and pass on assets.

Kuwait eyes Fujairah for oil exports

Kuwait is studying access to a pipeline route through the UAE to Fujairah as it looks to bypass the Strait of Hormuz for its oil exports, Deputy CEO for Planning and Innovation at Kuwait Oil Company Mohammed Al Abduljaleel tells EnterpriseAM. It’s also in talks to connect to a proposed Saudi pipeline running to the Red Sea so that it could serve both countries.

Both are early: Neither route has reached feasibility-study stage, leaving costs and capacity estimates undetermined. Al Abduljaleel says Kuwait would pursue the projects as long-term investments regardless of whether regional tensions ease, with most crude continuing to move through existing Gulf ports under normal conditions.

Loan ranger

DAE is tapping Asian banks for USD 2.1 bn funding: Dubai Aerospace Enterprise (DAE) is seeking a USD 2.1 bn, seven-year loan, mostly from Asian banks, to fund working capital, Bloomberg reports. Emirates NBD, Bank of China, OCBC, and China Construction Bank Asia are arranging the facility. The funding comprises a USD tranche, which could price at 110 basis points over SOFR, and an AED tranche guided at 95 basis points over the Emirates Interbank Offered Rate (EIBOR).

The loan follows a big jump in DAE’s fleet: Less than three months ago, DAE closed its USD 9 bn acquisition of Macquarie AirFinance. The agreement made it the world’s third-largest aircraft lessor and added commitments for nearly 150 aircraft, with deliveries running into the 2030s. The new funds add to the USD 4.4 bn in available liquidity DAE held at the end of June, according to its 1H results.

It’s the second major Gulf financing with Chinese lenders on board this month, coming on the heels of QatarEnergy’s USD 3 bn agreement with four Chinese banks. Chinese lenders appeal to Gulf companies because they offer large commitments, competitive borrowing costs, and longer repayment periods, even amid regional disruptions, Natixis’ Alicia Garcia Herrero tells EnterpriseAM.

Shetty strikes back

NMC founder B.R. Shetty is launching a new USD 15 bn court battle against Bank of Baroda. The UAE-based businessman filed a lawsuit against the Indian state-owned lender and 25 other defendants in the Bombay High Court, alleging that bank officials helped facilitate fraud behind the collapse of NMC Health, Reuters reports, citing court filings.

What’s the case? Shetty alleges that bank officials facilitated circular fund transfers, ignored more than 100 anti-money laundering alerts, and accepted forged signatures on personal guarantees he says he never authorized. He’s seeking USD 5 bn each in direct damages, consequential losses, and reputational harm — bringing the total claim to $15 billion — plus 18% annual interest, according to Gulf News.

The bank isn’t backing down: Bank of Baroda says it hasn’t been served with the suit and that the allegations remain untested in court. It has pledged to defend itself if served while separately pursuing Shetty for INR 28 bn (USD 295 mn) in outstanding dues through recovery proceedings in India and the UAE.

REMEMBER- The bank only recently settled another NMC dispute: Bank of Baroda agreed in July to pay USD 600 mn to resolve claims brought by NMC and its administrators, discontinuing the ADGM cases and withdrawing proceedings in England. Shetty wasn’t party to that settlement and argues it doesn’t extinguish his separate claims.

The backstory: Once the Gulf’s largest private healthcare provider, NMC entered administration in 2020 after disclosing USD 6.6 bn in debt, well above earlier estimates of USD 2.1 bn. The judicial fallout has dragged on: NMC dropped a GBP 2 bn negligence claim against EY earlier this year, while Shetty was separately ordered to pay USD 46 mn to State Bank of India over a personal guarantee, as we’ve previously reported.

Big ambitions for Abu Dhabi’s clusters

Abu Dhabi is targeting AED 235 bn in investments across four specialized economic clusters by 2045, Abu Dhabi Department of Economic Development Undersecretary Hamad Sayah Al Mazrouei told Al Ittihad. The clusters in question: Smart and autonomous vehicles (SAVI), agrifood and water (AGWA), health, longevity, and med. (HELM), and finance, ins., and digital and alternative assets (FIDA). Together, they are expected to contribute more than AED 284 bn to the emirate’s GDP and create 130k specialized jobs by 2045.

REMEMBER- Abu Dhabi has been launching specialized clusters for several years, rolling out SAVI in 2023, followed by AGWA in 2024, HELM in April 2025, and FIDA last December. An earlier projection said the cluster had aimed to attract over AED 217 bn in investments, although Al Mazrouei did not indicate whether the latest figure represents a formal revision.

Data point

AED 2.1 tn (USD 572 bn) — that’s the value of Dubai’s active and planned project pipeline spanning real estate, aviation, transport, and infrastructure, Dubai Ruler Mohammed bin Rashid Al Maktoum was quoted by Arabian Business as saying at the Mohammed bin Rashid Leadership Forum. Real estate accounts for the biggest chunk, with AED 1.1 tn in developments through 2030, including plans for some 350k residential units.

Where else is the money going? Aviation accounts for some of the biggest commitments, including AED 328 bn for Emirates and flydubai fleet expansion and AED 128 bn for Al Maktoum International Airport. Another AED 100 bn is earmarked for road upgrades and Dubai Metro’s Blue and Gold lines, while AED 151 bn is allocated to power and water infrastructure. Other major projects include the AED 80 bn Dubai Strategic Sewerage Tunnels system and the AED 30 bn Tasreef drainage project.

ICYMI- We reported yesterday that Dubai’s RTA is eyeing an integrated underground transport network, with Director General Mattar Al Tayer telling the forum it would move people, goods, and services beneath the city. It remains at the conception stage, with no cost or timeline given.

PSA

WEATHER- Dubai will see a high of 38°C today, while temperatures in Abu Dhabi will hit 37°C, before it cools down to 29°C overnight in both emirates, according to our favorite weather app.

The big story abroad

Two Singapore-registered container vessels were struck by “unknown projectiles” while crossing the Strait of Hormuz earlier this week, according to a statement (pdf) by the Maritime and Port Authority of Singapore. One of the vessels caught fire and sank, while the other, struck separately, sustained hull damage. No injuries were reported in either incident.

Anthropic’s 3Q revenue jumped 45% q-o-q to USD 16.8 bn, and the company was profitable on an adjusted basis, according to an investor who attended a pre-IPO meeting with its leadership, Reuters reports. Revenue came in at USD 4.7 bn in 1Q and USD 11.6 bn in 2Q, the source said, as Anthropic courts prospective investors ahead of its highly anticipated IPO.

A bipartisan group of eight US states said yesterday they had sued OpenAI in state courts across the country, alleging ChatGPT has coached users, including teenagers, to harm themselves or others. OpenAI also faces lawsuits alleging ChatGPT helped users plan mass shootings or other acts of violence.

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