Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Etihad Rail
Macro riskRail Infrastructure·Energy & Infrastructure·Structured Preferred·Invested 2020·6% stake
Position
Mark1.18x
Gross IRR4%
Invested$220M
Q3 movement:$-48M·Freight volume -11% vs underwriting · Muscat port expansion delays logistics corridor
LatestNo recent touchpoints recorded.
Ownership + team
6% stake · 1 observer seat1.0x liquidation preference · UAE government sovereign guarantee
UAE national freight railway · 1.18x mark · Stage 2 delays pushed project completion to 2027 · sovereign guarantee provides capital protection but IRR impact from timeline slippage
Ask about Etihad Rail · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Stage 1 revenueAED 1.1BADNOC granules + freight · LTM
MOIC1.18x$2.0B entry → $2.36B mark
Network length1,200 kmStage 1 operational · Stage 2 2027
ADNOC contractAED 1.2B/yr20-year term · investment grade
Three-way benchmark
Freight volumemeasured in MT/yr
Actual
Thesis target
VCP plan
Peer median
Performance update
Stage 1 revenue AED 1.1B LTM · ADNOC granule volumes +15% YoY as Ruwais expansion commences
Stage 2 COD revised to Q2 2027 · tunnelling engineering challenge resolved · construction 78% complete
Passenger rail feasibility study submitted to UAE federal government · Cabinet review Q3 2026
UAE sovereign guarantee affirmed in 2025 Federal Budget · Najm principal fully protected