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BANKING-
Our friends at Mashreq launched Mashreq Neo Corp , a new digital banking platform for corporate clients in Kuwait, offering cash management solutions as well as import and export trade services, according to a press release. The platform also allows integration with businesses’ customer apps, e-commerce websites, supply chains, and industry ecosystems through web banking, APIs, and cloud-based architecture.
NEO CORP set to hit more of the Gulf: Mashreq said it plans to roll out the digital banking platform across other Gulf countries in the coming months.
RAIL-
Hafeet Rail inked a contract with Progress Rail for 27 state-of-the-art heavy-haul freight locomotives for the Oman-UAE railway project, according to a press release. Progress is a subsidiary of US-based Caterpillar.
Details: The locomotives are designed for the region’s harsh environment. Each train will span c. 2 km and be configurable to transport freight cargo, including bulk materials, containers, petrochemicals, metallic products, and other industrial goods.
AND- Hafeet tapped Systra for project consultancy: Hafeet enlisted French engineering and consultancy firm Systra to deliver engineering and administrative consultancy services for the project, Wam reports. Systra will provide technical support, which includes managing contracts, and monitoring contractor and supplier performance. Systra is also tasked with supervising all phases of project execution.
BACKGROUND: Hafeet Rail secured USD 1.5 bn in debt financing last week from a consortium of banks to support the railway project.
FINANCE-
UK-based asset manager Gemcorp Capital has received regulatory approval to operate in the Abu Dhabi Global Market, it said in a statement. Gemcorp to double down on emerging markets across the Middle East, Africa, and South Asia. The company was said in March to be looking to open a regional office here.
MOVES- Lord Edward Udny-Lister, the former chief of staff at 10 Downing Street, will be chair of the new Abu Dhabi entity, while Gaj Wallooppillai (LinkedIn) will serve as head of Middle East.
LOGISTICS-
Agility Logistics Parks to expand Riyadh operations: A subsidiary of the ADX-listed logistics firm Agility Global is gearing up for a SAR 250 mn (AED 245 mn) expansion at Agility Logistics Parks’ warehousing complex in Riyadh, according to a disclosure to the ADX. The expansion will add 100k sq m of storage capacity to the complex, bringing its total available space to 551k sqm. The first phase of the expansion will be operational in 1Q 2025.
TRADE-
Dubai, Turkish commerce chambers partner to boost cross-border trade: Dubai International Chamber signed seven MoUs with several industrial and commercial chambers in Turkey to launch trade missions and business events to attract businesses in both regions, Wam reports. The agreements, which came during the UAE’s trade mission in Turkey, also cover exchanging information and mulling potential cooperation in business and investment policies.
CRYPTO-
OKX launches in UAE with AED banking access for crypto trading: Crypto exchange OKX launched services in the UAE, offering AED banking access for spot trading and other crypto services, the company said in a press release. The platform, which recently secured a full operating license, is now available to both retail and institutional investors.
TRANSPORT-
Dubai’s Roads and Transport Authority awarded a AED 600 mn contract for the Oud Metha and Al Asayel road upgrade, part of the Sheikh Rashid Corridor project, Wam reports. The successful bidder was not named. The project aims to improve traffic flow and connectivity by constructing four intersections, 4.3 km bridges, and 14 km roads. By 2030, the corridor will serve over 420k people, increase Oud Metha street’s capacity by 50%, and cut travel time by 75%, the state news agency said.
FOOD-
UAE to host the Middle East’s Regional Center of Excellence for Transforming Food Systems: The UAE will host the first Regional Center of Excellence for Transforming Food Systems in the Middle East, supported by the UN’s Food and Agriculture Organization (FAO) and the UAE’s Climate Change Ministry, according to a press release (pdf). This initiative aims to bolster food security across the region.
