Good morning, friends. We’re deep into the summer news slowdown, with the pile of out-of-office replies in our inbox growing bigger than ever and only a handful of stories worth your attention this morning.

Topping the list: Saudi developer Dar al Arkan’s Dubai-based international arm Dar Global secured a USD 165 mn facility to help it expand in the region, as it deepens its Saudi pipeline with two new projects and launches a financial services arm after acquiring a firm in Dubai International Financial Center.

Plus: Amanat is focusing on its core educational and health assets, selling off the land it had leased out to North London Collegiate School. AND- Budget retailer Union Coop’s net income is up 12.8% y-o-y in 2Q 2025 on higher sales revenue.

WEATHER- Dubai is set for highs of 40°C and overnight lows of 32°C today, while Abu Dhabi will see a high of 44°C and an overnight low of 32°C.

WATCH THIS SPACE-

#1- Etihad Rail in talks with Kenya to invest in freight operations on new line? Kenya is looking to raise USD 4 bn to securitize an import levy for the funding of a China-built railway extension, where it is looking to tap UAE railway operator Etihad Rail to run freight operations on the line, Bloomberg reports, citing an interview with Transport Secretary Davis Chirchir. The talks come as part of plans to allow private firms to run operations of Kenya’s railway.

The section will be built as an extension to the USD 5 bn Standard Gauge — which links the port of Mombasa to Naivasha through Nairobi — to the southwestern Kenyan city of Kisumu and Malaba on the Ugandan border.

Etihad Rail’s involvement could require Kenya to go the extra mile — literally: The railway network could be expanded to South Sudan, Ethiopia and the Democratic Republic of the Congo to make a business case for Etihad to invest, as Etihad Rail requires freight traffic of at least 17 mn tons a year to “justify a return on investment,” Chirchir is quoted as saying. Talks are now ongoing to see if Kenyan crude can be transported via railway wagons from fields in the north of the country, amounting to some 3 mn tons annually.

Etihad Rail has been venturing outside of the UAE: The railway operator is developing a USD 2.3 bn railway network in Jordan, and has been exploring potential projects in Pakistan, South Sudan and Chad, and expanding links with other GCC countries, including Oman, through Hafeet Rail, and Qatar.

#2- The US, UK, Canada, and Australia warned their citizens in the UAE about possible threats to sites linked to Israeli and Jewish communities, citing information from the US Embassy in Abu Dhabi. The alerts follow a similar warning from Israel earlier in July advisory urging its citizens to avoid non-essential travel to the UAE, attributing the risk to Iran, Hezbollah, Hamas, and other groups allegedly seeking retaliation over Israel’s military actions in Gaza and Iran.

#3- Tabreed’s Pal Cooling buyout is set to wrap up in late 3Q, early 4Q: State-owned district cooling company Tabreed expects to close its takeover of Multiply Group’s Pal Cooling by late September or October, CEO Khalid Al Marzooqi told Al Arabiya in an interview (watch: runtime: 8:14). The transaction — valuing Pal Cooling at AED 3.8 bn and first reported back in March — is currently in its final stages, pending regulatory approvals. It will see Tabreed fully acquire Pal Cooling alongside Luxembourg-based private equity firm CVC’s infrastructure investment arm CVC DIF.

Chilling at scale: The acquisition is set to boost Tabreed’s operational capacity by 182k tons, bringing the total to around 2.6 mn RT once combined with its Palm Jebel Ali project, representing an 80% jump, Al Marzouqi said. The acquisition includes 600k tons of existing cooling capacity across eight concessions, while the Palm Jebel Ali project will provide 250k refrigeration tons.

ADVISORS- Standard Chartered and Clifford Chance are advising Multiply Group, while Citi, Synergy Consulting, and White & Case are buy-side advisors.

#4- Britishvolt founder resurfaces in Abu Dhabi: Orral Nadjari, founder of failed UK battery startup Britishvolt, has reportedly relocated to Abu Dhabi to work on a new venture to develop and manufacture battery cells for high-end EV SUVs, robots, and flying taxis, Semafor reports citing a report from Sifted. Nadjari has kept the details of his new project under wraps, declining to say where a 50k sqm factory is located, how much capital has been raised, or from whom.

Background: Britishvolt was planning a gigafactory in the UK to supply cars — set to become the first local battery factory for the car industry — and was valued at more than USD 1 bn. In 2023, the company ran out of funding following a spending spree, failed to raise sufficient funds, and sold the land planned for its gigafactory to Blackstone.

Nadjari is more hopeful this time around: “The leadership in the GCC [...] have a get-it-done ethos which I believe to a certain degree we might be lacking in Europe,” Semafor quotes him as saying.

#5- New global crane player in the UAE: Crane sales, leasing, and maintenance provider Mycrane Trading raised USD 50 mn from a DIFC-based investment holding company to launch operations from Jebel Ali Freezone, according to a press release. The business will integrate with the Mycrane online rental platform — which has over 3k active B2B users — to offer the purchase, lease, and sale of cranes and heavy construction equipment, along with spare parts and accessories.

Where’s the money going? The funding will be used to expand the platform’s rental user base, grow its global trading arm, and maintain strategic stock for quick delivery, Construction Machinery News reports, citing Mycrane’s CEO Andrei Geikalo.

Market focus: Mycrane will source cranes from oversupplied regions including Europe and China and sell into markets such as the UAE, Saudi Arabia, India, and Africa. The company plans to expand into the US, Canada, Germany, the UK, and several APAC markets in 2026.

DATA POINTS-

#1- Some 1.1k new companies joined the ranks of Dubai Multi Commodities Center (DMCC) in 1H 2025, growing its total to nearly 26k companies, according to Dubai Media Office. The DMCC Crypto Center was notably active, surpassing 700 companies — a 38% increase y-o-y and a contribution to the district's more than 3.3k tech firms. DMCC attracts 15% of Dubai’s annual foreign direct investment and 7% of its GDP.

This growth is attributed to strong demand from key markets such as China, Turkey, and the UK, along with new licenses for special-purpose vehicles and holding companies introduced in May and an expanded presence in Asia.

#2- Abu Dhabi is now home to 673 AI companies, after 150 firms launched operations in the capital in 1H 2025, state news agency Wam reports, citing data posted on X by the Abu Dhabi Chamber. Over 58% of firms focus on innovation, research, and consultancy — notably including the Artificial Intelligence and Advanced Technology Council, the Advanced Technology Research Council, the Technology Innovation Institute, AI71, Hub71, G42, and Space42.

PSAs-

#1- It’s that time of the year again: The Federal Traffic Council will deduct four black points from the licenses of motorists who avoid accidents and traffic violations on Monday, 25 August — expected to be the busiest first day of the school year, the Interior Ministry saidon X. The initiative comes annually, and drew more than 300k participants last year. Motorists must register here on the Interior Ministry’s website to qualify, with points removed by 15 September.

#2- FAB, ADHA roll out subsidized Islamic home financing for Emiratis: First Abu Dhabi Bank (FAB) is offering Emiratis additional sharia-compliant home financing on top of their government housing loans under a partnership with the Abu Dhabi Housing Authority (ADHA), state news agency Wam reports. The Abu Dhabi government will cover 50% of the financing rate on extra financing of up to AED 500k, with rates starting from a fixed 3.89% for five years. Financing above that cap will remain at competitive market rates.

REMEMBER- Earlier this week, ADHA said it will start offering top-ups to housing loans through agreements with FAB, Abu Dhabi Islamic Bank, and Al Maryah Community Bank. Nationals with an existing AED 1.75 mn housing loan — including those who have activated but not yet disbursed funds — and monthly incomes above AED 30k are eligible, and can apply via the Iskan Abu Dhabi app.

THE BIG STORY ABROAD-

Washington and Beijing’s decision to extend their tariff truce for another 90 days is broadly leading the conversation in the international business press this morning. US President Donald Trump confirmed on Truth Social overnight that he signed an executive order to extend the pause, just hours before the US’ blanket tariffs on Chinese imports were scheduled to come into effect. “All other elements of the agreement will remain the same,” Trump said. The story is getting ink in Axios, Bloomberg, CNBC, and Reuters.

Meanwhile, the White House’s relationship with tech firms is also in the spotlight, after Trump confirmed reaching an agreement with Nvidia and Advanced Micro Devices allowing them to sell chips to China in exchange for a fee on these sales. Nvidia could separately be allowed to sell a version of another next-generation chip to China, Reuters reports. Intel is also getting ink after its CEO met with Trump yesterday, after the president called for Lip-Bu Tan’s “immediate” resignation from the company over his ties to China. (Reuters | CNBC | Financial Times)

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