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TRANSPORT-
Siemens Mobility and Egypt’s Hassan Allam Construction will build, design and integrate signaling, telecom, and power supply systems for the UAE-Oman railway link, according to a press release (pdf). The link — also known as the Hafeet Railway — is 303 km long and connects Oman’s Sohar Port to Abu Dhabi. The value of the contract was not disclosed.
ICYMI- The UAE and Oman inked USD 35 bn partnerships earlier this week, including AED 11 bn in allocations towards the rail link to kick off its construction.
Background: Etihad Rail had inked an agreement with Omani national railway developer, Oman Rail, in 2022 to set up the Oman-Etihad Rail Company, a USD 3 bn (c. AED 11 bn) 50-50 JV, for the design, development, and operation of Hafeet Railway. The transport link between the UAE and Oman, first announced in September, is aimed at bolstering trade between the two countries and the region. The rail line will serve both passenger and freight trains.
HEALTH-
Dubai and Singapore-based private equity health firm TVM Capital Healthcare poured USD 17 mn in German mental health programs provider neurocare group AG, Wamda reports. TVM Capital Healthcare’s investment will expedite neurocare’s global expansion ambitions, including expanding into the US and Saudi Arabia, and developing new hardware and software.
FINTECH-
#1- The Central Bank of the UAE granted digital payments services provider NetworkInternational a stored value facility (SVF) license, according to a press release. The SVF license enables Network International to issue stored value products, including e-wallets and prepaid cards.
SOUND SMART- A stored value facility refers to facilities — including non-cash assets like rewards points, cryptocurrencies, or virtual assets — that customers can pay in exchange for the storage of the value of that facility to make payments with the stored value products.
#2- Shariah-compliant lending app Qardly has soft-launched in the Emirates, allowing users to exchange no-interest loans, according to a press release.
TECH-
#1- Italian marketing solutions company Webidoo has established its regional headquarters in the Dubai International Financial Center (DIFC) Innovation Hub, Wam reports. The partnership will facilitate knowledge-sharing and joint initiatives to drive AI and Web3 technology adoption.
#2- The Abu Dhabi Global Market (ADGM) and Estonian blockchain security auditor Hacken have partnered to establish new standards for blockchain security and compliance, a press release reads.
CAPITAL MARKETS-
Astana International Exchange to join ADX’s Tabadul: The Abu Dhabi Securities Exchange (ADX) signed an agreement with Kazakhstan’s Astana International Exchange (AIX) to officially add AIX to ADX’s cross-market trading platform, Tabadul, reports Wam. The partnership will allow investors to access and directly trade on both bourses through Tabadul, with Kazakhstan’s Freedom Finance Global and BHM Capital onboarded as Tabadul hub brokers, facilitating trading access between Kazakhstan and the UAE.
AIX joins current Tabadul members ADX, Bahrain Bourse, and Muscat Securities Market.
AVIATION-
Victor lands in Abu Dhabi: Europe’s on-demand jet charter platform Victor has moved its global headquarters to Erth Abu Dhabi, reports Wam. This comes after the company was acquired by Abu Dhabi Investment Group in November 2023 (pdf). The company seeks to leverage the emirate’s aviation facilities, regulatory framework, and strategic location next to key markets to boost its MENA market share and expand operations in the region, focusing on Saudi Arabia, Kuwait, Qatar, Egypt and Turkey. It is the first platform to offer sophisticated jet chartering services in the UAE.
INFRASTRUCTURE-
The Energy and Infrastructure Ministry has launched tenders for four construction and renovation projects:
- Construction of an additional building for the Federal Authority for Identity and Citizenship in Abu Dhabi, with a bidding deadline on 30 April;
- Renovating the Energy and Infrastructure Ministry building in Sharjah, with a bidding deadline on 30 April;
- Providing engineering consulting services for the construction of a correctional facility in Sharjah, with the deadline for bidding on 8 May;
- Completing the construction of the General directorate Civil Defense Building in Ras Al Khaimah, with a bidding deadline on 16 May. More details on the tenders are available on the ministry’s website.
