{"id":108122,"date":"2025-10-03T00:00:00","date_gmt":"2025-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-xrg-reaches-final-investment-decision-on-mozambique-lng-facility-rak-to-get-autonomous-taxis\/"},"modified":"2025-10-03T00:00:00","modified_gmt":"2025-10-03T00:00:00","slug":"this-morning-xrg-reaches-final-investment-decision-on-mozambique-lng-facility-rak-to-get-autonomous-taxis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/03\/this-morning-xrg-reaches-final-investment-decision-on-mozambique-lng-facility-rak-to-get-autonomous-taxis\/","title":{"rendered":"THIS MORNING: XRG reaches final investment decision on Mozambique LNG facility + RAK to get autonomous taxis"},"content":{"rendered":"

Good morning, friends, and happy FRIDAY. <\/strong>We close out the week with yet another mammoth issue, led by great news out of Abu Dhabi: The capital of capital\u2019s GDP grew 3.8% y-o-y in 2Q 2025. <\/p>\n

We also have several big M&A stories this morning: The Abu Dhabi Investment Authority bought a minority stake in Haagen Dazs owner Froneri alongside PAI, and International Holding Company acquired a controlling stake in Indian bank Sammaan Capital.<\/p>\n

PLUS- More good news from investment bankers whose outlook on debt and equity capital markets for the region in the coming year<\/strong> \u2014 and beyond \u2014 was overwhelmingly positive<\/strong> during Zaywa\u2019s Capital Markets Forum yesterday. <\/p>\n

With strong reforms, more diverse liquidity, and a slew of structural drivers, the region\u2019s momentum is set to continue into 2026<\/strong>, with the UAE in particular seeing what one panelist said was one of the busiest IPO pipelines they\u2019ve seen in years. <\/p>\n

We have all of the details<\/strong> on this, and more, in the news well, below. <\/p>\n

WEATHER- <\/strong>Expect a slight cooldown in temperatures in Dubai<\/strong>, with a high of 36\u00b0C and an overnight low of 28\u00b0C. Abu Dhabi <\/strong>will see a high of 38\u00b0C during the day, staying warmer overnight at 31\u00b0C. Humidity persists into the night across both emirates.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Adnoc\u2019s XRG and its partners have reached final investment decision on the <\/strong>Coral North Floating LNG facility in Mozambique<\/strong>, according to a statement<\/a>. The expansion, which is located in area 4 in the Rovuma Basin, will be developed with partners including Eni, China National Petroleum Company, Mozambique\u2019s national oil company ENH, and Korea Gas Corporation. The expansion will add some 3.55 mn metric tons a year of LNG capacity offshore Mozambique.<\/p>\n

Background: <\/strong>XRG acquired Adnoc\u2019s 10% stake in the basin<\/a> earlier this year, gaining access to the operational Coral South FLNG and the planned Coral North expansion as well as Rovuma LNG onshore development, which together hold over 25 mtpa of potential LNG capacity.<\/p>\n

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<\/a> #2- <\/strong>WeRide <\/strong>to bring Robotaxi + Robobus pilots to RAK: <\/strong>Ras Al Khaimah Transport Aut<\/a>hority<\/a> (RAKTA) has partnered with Nasdaq-listed, China-headquartered WeRide<\/a> to launch pilot operations of autonomous buses and taxis in the emirate, according to a press release<\/a>. RAKTA also inked an MoU with local developer Marjan<\/a> focusing on collaborative autonomous vehicle trials and smart transport integration, Al Khaleej<\/a> reports. <\/p>\n

The when and where: <\/strong>WeRide\u2019s Robobus will begin operating across nine stops on Al Marjan Island, with future plans to expand into Mina Island. In parallel, its Robotaxi GXR will begin trial operations in the city center. Commercial services are scheduled for early 2026 via RAKTA\u2019s digital mobility app, and safety officers will initially be on board before fully driverless operations begin.<\/p>\n

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#3- <\/strong>Iliad P<\/strong>artners\u2019 freshly-closed <\/strong>USD 50 mn<\/a><\/strong> Iliad Partners Tech Ventures F<\/strong>und I <\/strong>will make 10-15 investments in total<\/strong>, focusing on the UAE and Saudi Arabia, Founder and Managing Partner Christos Mastoras told EnterpriseAM. The fund will also allocate a portion of its capital to Europe to back startups expanding into the MENA region, with around 10% of it directed specifically toward Greek startups.<\/p>\n

It targets early-stage companies with tickets averaging USD 2-3 mn.<\/strong> Initial commitments are placed in the Pre-Series A stage with USD 500k-1 mn investments, growing to USD 2-5 mn for Series A firms. It\u2019s prioritizing fintech, logistics, and proptech; however, it sees strong potential in other sectors like SME lending, ins. technology, construction tech, and maritime tech as sub-sectors the fund is likely to focus on in the future, Mastoras said.<\/p>\n

The fund has already invested in three companies<\/strong>, including Dubai-based corporate expense management platform Qashio, Saudi\u2019s logistics platform OTO, and procurement platform Penny.<\/p>\n

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<\/a> #4-<\/strong> Private <\/strong>equity firms BlueFive Capital and Singapore- and Jakarta-based firm <\/strong>Sriwijaya Capital <\/strong>plan to<\/strong> establish a Southeast Asia-focused investment corridor<\/strong>, according to a press release<\/a>. The tie-up aims to connect GCC sovereign wealth funds, institutional investors, and family offices with growth prospects across the ASEAN region through Sriwijaya Capital\u2019s Southeast Asia network and BlueFive\u2019s GCC contracts and access to Chinese state-owned enterprises and institutions. Efforts could later expand to other emerging markets. <\/p>\n

The current priorities? <\/strong>Investing in renewable energy and infrastructure, the digital economy and fintech, as well as healthcare and life sciences, the statement said. <\/p>\n

The two have been busy: <\/strong>Sriwijaya Capital recently closed its debut fund targeting growth-stage companies across the region, while BlueFive is also looking eastward, as it prepares to close a new USD 1 bn<\/a> Asia fund in 4Q 2025 and launch a USD 500 mn<\/a> private equity fund with China\u2019s CICC Capital. It will also establish a shariah-compliant asset management platform launched under its partnership<\/a> with Jeddah-based Al Murjan Group.<\/p>\n

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#5- London court favors DP World in Djibouti dispute:<\/strong> The London Court of International Arbitration (LCIA) has ruled that the government of Djibouti acted illegally in its seizure of the Doraleh Container Terminal from DP World in 2018, Khaleej Times<\/a> reports. The decision affirms DP World\u2019s USD 685 mn enforceable awards against the country \u2014 which the government has so far refused to honor. It also clarifies that harm was directly caused by the government \u2014 declining to award damages against its state-owned corporate port operator, the Port de Djibouti SA (PDSA). <\/p>\n

Refresher:<\/strong> DP World has been embroiled in squabbling<\/a> with Djibouti for seven years over the Djibouti government\u2019s termination of its concession after claiming it unfairly favored DP World. The firm owns a 33.3% stake in DCT and had operated the Doraleh terminal since 2006.<\/p>\n

The ruling has closed DP World\u2019s arbitration proceedings with Djibouti\u2019s <\/strong>PDSA<\/strong>, but wider disputes with Djibouti\u2019s government and their partner China Merchants Port Holding \u2014 amounting to a USD 1 bn claim against the parties \u2014 remain active.<\/p>\n

Not the first ruling:<\/strong> The decision upholds a third partial award from the LCIA which awarded<\/a> the firm USD 200 mn for damages incurred between 23 February 2018 to 31 December 2020. A US court also backed this decision last year<\/a> awarding DP World USD 200 mn from the government of Djibouti.<\/p>\n

PSA- <\/p>\n

Property<\/strong> buyers in <\/strong>Dubai<\/strong>must now pay service charges on properties<\/strong> even if they ha<\/strong>ve<\/strong> not yet been officially handed the unit<\/strong>, Khaleej Times<\/a> reports, citing a ruling by the Dubai Rental Disputes Center. The decision is particularly directed to instances when the buyer is causing handover delays.<\/p>\n

The new principle applies from the date the unit is ready or when payment defaults<\/strong>, with liability tied to the buyer\u2019s name in the preliminary property register.<\/p>\n

HAPPENING TOMORROW- <\/p>\n

The <\/strong>Syria Recovery and Investment Forum<\/a><\/strong> kicks off tomorrow <\/strong>at the Adnec Center in Abu Dhabi. The forum will convene policymakers, business leaders, investors, advisory experts, and aid organizations to explore reconstruction, private sector participation, and financing frameworks for Syria. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

It\u2019s an unusually quiet morning in the international business press<\/strong>, with only one headline of note making the rounds: OpenAI\u2019s soaring valuation to USD 500 bn, making it the world\u2019s most valuable startup. We have more on this, and the ongoing AI stock rally, in Planet Finance, below. <\/strong><\/p>\n

ALSO- Don\u2019t expect to see any Boeing777Xs before 2027<\/strong>, sources have said, the aircraft maker looks set to suffer bns more in losses in cost overruns amid a series of setbacks. This would make it six years late to its original commercial launch date. (Bloomberg<\/a>)<\/p>\n

A few updates on the regional front:<\/strong> <\/p>\n