Venus Moves Closer to an Investment Decision
TotalEnergies says engineering for the Venus development is complete and a final investment decision is needed before 2027, moving one of Namibia’s major offshore discoveries closer to potential development.
SOURCE SIGNAL
TotalEnergies says its proposed Venus offshore oil development in Namibia has reached an advanced stage of technical preparation, with a final investment decision required before 2027 if the project is to retain current contractor offers.
The Namibian reported that TotalEnergies Namibia joint venture and development director Carlos Menezes said the company is technically ready, with engineering work completed and the field development plan finalised.
Menezes said discussions with the Namibian authorities are continuing and need to be concluded so that TotalEnergies can take advantage of the momentum of the contractor offers currently in hand.
The project requires major contractor packages, including a floating production, storage and offloading vessel and subsea infrastructure. Menezes cautioned that these commercial offers have limited validity periods and cannot remain open indefinitely.
TotalEnergies is therefore working towards a final investment decision before 2027. Company chief executive Patrick Pouyanné has separately said that contractors have effectively been selected and that TotalEnergies is ready to take FID, subject to finalising discussions with the Namibian government.
The signal is important because Venus is moving beyond exploration and appraisal towards the point at which a development decision could translate geological discovery into major project expenditure and physical implementation.
COUNTRY IMPACT
A positive final investment decision on a development of the scale contemplated for Venus would represent a major transition in Namibia’s emerging petroleum sector.
Offshore production requires substantially more than drilling activity. Development involves engineering, subsea systems, marine services, logistics, procurement, contracting, specialist personnel, training, accommodation, financial and professional services and a wide range of supporting supply-chain activity.
The fact that engineering has been completed and major contractor packages have progressed to the point where commercial offers must be preserved indicates a materially more advanced project stage than early exploration.
A final investment decision has not yet been taken, and the project should not be presented as committed production. Commercial, regulatory and investment decisions still have to be concluded.
Nevertheless, the narrowing decision window provides one of the clearest current signals that Namibia’s offshore petroleum discoveries could move towards large-scale development expenditure.
RELEVANCE TO SUNGATE
Venus is an offshore petroleum development and does not create a direct operating requirement at Sungate.
Its relevance lies in the scale of supporting economic activity that can accompany a major international energy development.
If Venus proceeds, international contractors, technical specialists, investors and service providers would need to operate within Namibia. While significant offshore and marine logistics activity would naturally centre on the coast, Windhoek remains the country’s principal business centre and Hosea Kutako International Airport its primary international aviation gateway.
Sungate is a 408-hectare mixed-use development adjacent to Hosea Kutako International Airport and positioned within Namibia’s air, road and rail transport environment.
Growth in engineering offices, supplier businesses, logistics coordination, training, professional services, business travel, accommodation and other supporting functions could therefore contribute to the wider commercial environment in which Sungate is positioned.
The relevance is not that Venus guarantees demand at Sungate. It is that a transition from offshore discovery to large-scale development would deepen the international business, investment and service economy operating through Namibia’s capital and principal international gateway.
SOURCE
The Namibian, “Venus decision must come before 2027 – TotalEnergies,” 23 August 2026.
Namibia Commits N$952 Million to Rail Modernisation
Namibia has allocated N$952.1 million to rail infrastructure development and modernisation, targeting 1,000 kilometres of upgrades during 2026/27.
SOURCE SIGNAL
Namibia is targeting the upgrade of 1,000 kilometres of railway infrastructure during the 2026/27 financial year as government increases investment in the country’s existing transport network.
The Brief reported that N$952.1 million has been allocated to railway infrastructure development and modernisation, with approximately N$946 million directed towards development expenditure.
The programme also targets annual maintenance of 1,600 kilometres of railway line.
The rail investment forms part of a wider transport programme that also includes the upgrading of gravel roads and rehabilitation of existing road infrastructure.
Unlike proposed long-term rail megaprojects, this programme represents current investment in Namibia’s existing national railway network.
COUNTRY IMPACT
Reliable rail infrastructure is an important component of Namibia’s ambition to strengthen its position as a regional logistics and trade gateway.
Rail provides capacity for bulk, industrial and containerised freight and complements the road network connecting Walvis Bay, Windhoek and regional markets.
Investment in upgrading and maintaining the existing network can improve reliability, capacity and the ability of rail to carry a greater share of national freight activity.
The programme is also significant when considered alongside other developments in Namibia’s logistics system, including increased commercial container volumes, port investment and proposed regional rail corridors.
The stated upgrade and maintenance targets remain subject to implementation and delivery. Nevertheless, the N$952.1 million allocation represents tangible current expenditure on the physical rail network rather than a future infrastructure concept.
RELEVANCE TO SUNGATE
Rail infrastructure is directly relevant to Sungate because the railway runs immediately alongside the development and forms one of the three core transport components of Sungate’s air, road and rail location.
Sungate is a 408-hectare mixed-use development adjacent to Hosea Kutako International Airport and positioned within the wider transport corridor serving Windhoek and Namibia’s regional markets.
The Sungate master plan anticipates the potential for a railway siding, creating the opportunity over time for rail-served logistics and industrial uses as commercial demand and the necessary infrastructure develop.
Investment in Namibia’s existing railway network therefore matters to Sungate in practical terms. A stronger and more reliable national rail system improves the wider infrastructure platform to which a future Sungate rail interface could connect.
This can support the long-term potential for activities such as freight handling, warehousing, distribution, light industry and other logistics-related services at a location where rail sits alongside international aviation and strategic road connectivity.
The N$952.1 million programme does not itself announce investment at Sungate or guarantee a rail siding will be developed. Its relevance is that government is committing capital to the national rail network that forms part of Sungate’s immediate multimodal development proposition.
SOURCE
The Brief, “Govt targets 1,000km rail upgrade,” 21 August 2026.
Jet-Fuel Disruption Tests Namibia’s Aviation Resilience
A Jet A-1 supply disruption at Hosea Kutako International Airport affected long-haul flight operations, highlighting the importance of resilient supporting infrastructure at Namibia’s principal international gateway.
SOURCE SIGNAL
A disruption to Jet A-1 aviation-fuel supply at Hosea Kutako International Airport affected international flight operations in August 2026, highlighting the dependence of Namibia’s principal international gateway on reliable supporting supply chains.
Reuters reported that a fuel shortage at Windhoek could affect Discover Airlines services between Namibia and Europe.
The disruption followed a Jet A-1 consignment arriving through Walvis Bay failing routine quality testing and being removed from circulation.
As a result, some Discover Airlines flights operating from Windhoek to Frankfurt and Munich were required to route through Luanda for refuelling before continuing to Europe.
The disruption also raised concerns about potential impacts on cargo uplift while alternative fuel supplies were being arranged.
The event was temporary in nature, but it exposed the importance of the infrastructure and logistics systems that sit behind reliable international aviation.
COUNTRY IMPACT
International connectivity depends on more than aircraft, airlines and airport terminals.
Aviation requires dependable fuel supply, storage, quality control, ground handling, logistics and contingency arrangements. Weakness in any part of that supporting system can affect passenger schedules, cargo capacity and the efficiency of international connections.
For Namibia, this is particularly important because Hosea Kutako International Airport serves as the country’s principal long-haul aviation gateway.
The August disruption does not indicate a permanent failure of Namibia’s aviation infrastructure. The affected fuel was identified through quality-control procedures, removed from circulation and alternative supply arrangements were pursued.
Nevertheless, the incident demonstrates the economic importance of resilience.
As Namibia seeks greater tourism, trade, investment and international business activity, the infrastructure supporting its principal airport must be capable not only of accommodating growth but also of maintaining continuity when individual components of the supply chain are disrupted.
RELEVANCE TO SUNGATE
For Sungate, the relevance of this event lies in the wider infrastructure ecosystem required around a major international gateway.
Sungate is a 408-hectare mixed-use development adjacent to Hosea Kutako International Airport and positioned within the air, road and rail environment serving the airport and Windhoek.
The fuel disruption does not imply that Sungate could or should solve HKIA’s aviation-fuel requirements.
It does, however, reinforce an important principle underlying airport-adjacent development: successful international gateways depend on a broad network of supporting infrastructure and commercial services extending beyond the terminal itself.
Storage, logistics, transport, maintenance, ground services, warehousing, contingency capacity and specialist businesses all contribute to the resilience of an airport economy.
For Sungate, this supports the longer-term relevance of maintaining flexibility for logistics, commercial and supporting-service uses within the development.
Growth Intelligence should record this type of signal alongside positive infrastructure developments because understanding an investment environment requires recognising both the opportunities created by growth and the systems that must remain resilient to support it.
SOURCE
Reuters, “Lufthansa’s Discover Airlines says Namibia fuel shortage may affect flights to Europe,” 20 August 2026.
MSC Partnership Strengthens Namibia’s Rail Freight Corridor
MSC’s strategic partnership with TransNamib is expected to increase containerised rail freight between Walvis Bay and Windhoek, strengthening Namibia’s intermodal logistics network.
SOURCE SIGNAL
Namibia’s rail freight network is gaining a significant new commercial commitment through a strategic partnership between TransNamib and Mediterranean Shipping Company (MSC).
Windhoek Observer reported that the partnership is expected to increase containerised cargo transported by rail between the Port of Walvis Bay and Windhoek, with initial volumes estimated at approximately 10,000 tonnes per month.
TransNamib said those volumes could increase to around 30,000 tonnes per month by 2028 as the relationship develops.
MSC has signed on as a strategic client of the national rail operator. The immediate focus is the movement of containerised cargo between Walvis Bay and Windhoek, with the Windhoek Container Terminal (WINCON) serving as an important transfer point between rail and road.
The development moves the road-versus-rail discussion beyond infrastructure planning and into actual commercial freight demand.
COUNTRY IMPACT
Namibia’s ambition to strengthen its position as a regional logistics gateway depends on its ability to move increasing volumes of cargo efficiently between the Port of Walvis Bay, inland markets and neighbouring countries.
Road freight remains central to that system, but stronger rail utilisation can provide additional capacity for containerised and industrial cargo while improving the balance between transport modes.
The involvement of MSC is significant because it connects Namibia’s national railway operator with one of the world’s major container shipping companies and links maritime cargo arriving at Walvis Bay with inland rail distribution.
TransNamib’s own announcement confirms that the collaboration is intended to strengthen intermodal freight solutions, increase container volumes on rail and improve connectivity between Windhoek and Walvis Bay. The partners are also evaluating opportunities for additional routes.
The projected future volumes remain targets rather than guaranteed outcomes. Nevertheless, the partnership provides evidence of commercial demand being directed towards Namibia’s rail infrastructure rather than rail development existing only as a policy objective.
RELEVANCE TO SUNGATE
The MSC-TransNamib partnership does not establish any direct MSC freight operation at Sungate. Its relevance lies in the increasing commercial use of the rail infrastructure that forms part of Sungate’s immediate transport environment.
Sungate is a 408-hectare mixed-use development positioned at the convergence of air, road and rail. Hosea Kutako International Airport lies directly adjacent to the development, while the railway runs immediately alongside Sungate within the wider transport corridor serving Windhoek.
This rail proximity is important to the development concept. Sungate’s master planning anticipates the potential for a railway siding, creating the opportunity over time for rail-served logistics and industrial uses.
Increasing containerised rail freight between Walvis Bay and Windhoek therefore has particular relevance. As rail volumes grow, opportunities can develop around container handling, warehousing, distribution, freight consolidation, light industry and related logistics services at suitably connected locations.
Sungate’s long-term potential could include functions associated with an inland logistics or dry-port environment, subject to the infrastructure, approvals, commercial demand and operating arrangements required to establish such activities.
The significance of the MSC-TransNamib partnership is therefore not that MSC is coming to Sungate. It is that one of the world’s major shipping companies is directing commercial container volumes onto a rail network to which Sungate is physically connected.
For Sungate, this strengthens the relevance of rail as a genuine component of the development proposition alongside international aviation and strategic road connectivity.
SOURCE
Windhoek Observer, “MSC partnership expected to boost TransNamib container volumes,” 20 August 2026.
Namibia Gives Investors Greater Long-Term Certainty
Namibia is introducing business employment permits of up to five years for qualifying investors, providing greater certainty for international businesses establishing operations in the country.
SOURCE SIGNAL
Namibia is introducing a longer-term employment permit for qualifying investors and business operators, providing greater certainty for international businesses establishing and operating enterprises in the country.
The Namibian reported that the Employment Permit to Conduct Business will allow qualifying applicants to obtain permits valid for up to five years.
The new arrangement is expected to take effect from 1 September 2026 and represents a significant extension from the two-year period generally associated with employment permits.
Applications will involve the Namibia Investment Promotion and Development Board, which will assess the proposed investment and its economic contribution before eligible applications proceed through the immigration process.
The change addresses a practical consideration for investors: the ability to align immigration and business-operating certainty more closely with the longer time horizons required to establish and grow an investment.
COUNTRY IMPACT
Investment decisions depend on more than the availability of capital or commercial opportunity.
Businesses considering a new market also assess regulatory certainty, the ability to deploy key personnel, the time required to establish operations and whether the administrative environment supports longer-term commitments.
A permit of up to five years can reduce the frequency with which qualifying investors and business operators must renew their status while providing greater visibility over their ability to remain actively involved in Namibian operations.
The NIPDB assessment process also links the longer permit period to the economic substance of the proposed investment rather than providing an unrestricted immigration route.
The effectiveness of the measure will ultimately depend on implementation and the experience of applicants once the new system becomes operational. Nevertheless, it represents a tangible change to the framework through which Namibia seeks to attract and retain productive investment.
RELEVANCE TO SUNGATE
Sungate is positioned as a long-term mixed-use investment and development opportunity rather than a short-term property proposition.
Potential investors, developers and operating businesses considering Sungate may need to establish Namibian entities, deploy specialist personnel and maintain an active presence in the country while projects are planned, developed and operated.
Measures that provide qualifying investors with greater long-term certainty therefore form part of the wider investment environment within which Sungate is evaluated.
The new permit does not provide any special treatment for Sungate or guarantee that an investment will qualify.
Its relevance is broader: Namibia is taking a practical step to make it easier for credible investors to establish a longer-term business presence in the country.
For an investment destination seeking international capital, expertise and operating businesses, that is an important signal.
SOURCE
The Namibian, “Namibia introduces five-year business permits for investors,” 20 August 2026.
Namibia Prepares the Economy Behind First Oil
Namibia is preparing the onshore infrastructure, logistics and economic systems required to support a future offshore petroleum industry.
SOURCE SIGNAL
Namibia is increasingly turning its attention from offshore discovery to the infrastructure and economic systems required to support a future petroleum industry.
Speaking at the official opening of the 2026 Namibia Oil and Gas Conference, Minister of Industries, Mines and Energy Modestus Amutse said the country must be ready onshore when petroleum production begins offshore.
The Ministry’s strategic priorities for 2026–2030 include an onshore petroleum supply base intended to serve as a logistics backbone for the industry and strengthen local capacity.
The priorities also include expanded and refurbished fuel-storage infrastructure, a petrochemical testing laboratory, and modern seismic and geoscientific data systems.
The direction is increasingly clear: preparing for first oil means preparing the wider economy and the supporting infrastructure around it.
COUNTRY IMPACT
The significance extends beyond petroleum extraction itself.
A developing offshore industry requires logistics, transport, storage, engineering, technical services, procurement, accommodation, skills, professional services and supporting commercial infrastructure.
Namibia is therefore entering an important preparatory period. Decisions taken before production could influence how much future economic activity is captured domestically and how effectively Namibian businesses and workers participate in the industry.
The Minister’s remarks also linked physical infrastructure with local-content policy, supplier development, skills transfer and meaningful Namibian participation across the value chain.
The outcome remains dependent on investment decisions, project execution and regulatory progress. Nevertheless, the stated 2026–2030 priorities provide evidence that government planning is moving beyond offshore exploration towards practical economic readiness.
RELEVANCE TO SUNGATE
Sungate’s relevance is not as a petroleum production location, but as part of the wider commercial environment through which people, expertise, equipment, services and investment may move.
Its position adjacent to Hosea Kutako International Airport and its mixed-use development structure place it within Namibia’s broader business and transport geography.
As the country prepares the supporting economy behind offshore petroleum development, strategically located commercial land and mixed-use infrastructure may become increasingly relevant to businesses serving Namibia’s expanding economy.
This is a measured, longer-term connection. The ministerial priorities do not announce any specific activity at Sungate, but they reinforce the importance of preparing suitable commercial locations before demand fully materialises.
SOURCE
Republic of Namibia, Honourable Modestus Amutse, Minister of Industries, Mines and Energy, “Ministerial Remarks on the Occasion of the Official Opening of the Namibia Oil and Gas Conference 2026,” Windhoek, 19 August 2026.
A New Global Energy Major Enters Namibia
Equinor has agreed to acquire a 17.4% interest in Chevron-operated PEL 90, marking the Norwegian energy major’s entry into Namibia.
SOURCE SIGNAL
Norwegian energy company Equinor has signed an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90.
PEL 90 covers Block 2813B in Namibia’s offshore Orange Basin and is operated by Chevron. The licence gives Equinor access to a drill-ready prospect scheduled for testing during 2026.
Before the transaction, Chevron’s subsidiary held 52.5% of the licence. The other partners were QatarEnergy with 27.5%, Trago Energy with 10% and Namibia’s national petroleum company, NAMCOR, with 10%.
The agreement marks Equinor’s entry into Namibia. Completion remains subject to regulatory approvals and the necessary transaction processes.
COUNTRY IMPACT
The entry of another major international energy company adds further depth to Namibia’s emerging offshore petroleum sector.
It broadens the group of global companies committing capital, technical expertise and exploration capability to the country while the Orange Basin continues to attract international attention.
The transaction does not represent a production decision or confirm a commercial discovery. It provides Equinor with an interest in a drill-ready exploration prospect that is still to be tested.
Its significance is therefore as evidence of continuing exploration investment and international corporate participation rather than as evidence of guaranteed future production.
RELEVANCE TO SUNGATE
The transaction does not establish any direct requirement at Sungate.
Its measured relevance lies in the broader trajectory of international companies, specialists and investment entering Namibia. Over time, a growing international business presence can create requirements across aviation, accommodation, professional services, logistics, transport, warehousing and supporting commercial infrastructure.
Sungate is a 408-hectare mixed-use development adjacent to Hosea Kutako International Airport. That location places it within the wider commercial environment through which international business activity and expertise enter Namibia.
Equinor’s entry should therefore be read as one further signal within a larger investment story: Namibia continues to attract serious international participants, while strategically located commercial developments prepare for the economic activity that may follow.
SOURCE
Equinor ASA, “Equinor Joins Chevron in Namibia Exploration Licence,” 18 August 2026.
From Discovery to Local Opportunity
Namibia’s petroleum conversation is shifting from offshore discovery to the local businesses, skills and supply chains needed to support development.
SOURCE SIGNAL
Namibia’s emerging petroleum industry is beginning to focus more directly on connecting Namibian businesses with the international supply chain developing around the sector.
During the 2026 Namibia Oil and Gas Conference and Exhibition, the second Local Supplier Pitching session provided a dedicated platform for Namibian-owned businesses to present their capabilities directly to potential clients, investors and industry leaders.
The session was hosted by the Namibia Investment Promotion and Development Board and formed part of the conference’s Local Content programme on 18 August 2026. Participating businesses represented fields including infrastructure engineering, petroleum supply, training, recruitment, procurement, technical inspection, catering, fire and safety services, and finance.
The broader conference programme placed local participation, entrepreneurship, workforce development, suppliers and contracting alongside the technical and investment discussions traditionally associated with oil and gas.
This represents an important evolution in Namibia’s petroleum conversation: from what may be developed offshore to how economic opportunity and productive capacity can be created onshore.
COUNTRY IMPACT
The national value of a major resource industry is determined not only by production, but also by how extensively its supply chains connect with the domestic economy.
For Namibia, potential opportunities extend across engineering, transport, logistics, technology, recruitment, training, accommodation, professional services, procurement and other supporting industries.
Supplier-pitching sessions do not guarantee contracts or future expenditure. They do, however, create structured contact between local enterprises and the companies, investors and procurement stakeholders that may shape the emerging petroleum supply chain.
Building local capacity before large-scale development begins could increase the proportion of future petroleum-related expenditure retained within Namibia. It could also help establish businesses, technical capabilities and skills able to serve the sector over the longer term.
RELEVANCE TO SUNGATE
This development does not, by itself, create direct demand at Sungate. Its relevance lies in the broader commercial environment taking shape around Namibia’s emerging industries.
An expanding domestic supplier and service economy requires places from which businesses can operate, people can travel, goods can move and commercial activity can grow.
Sungate’s mixed-use structure and position adjacent to Hosea Kutako International Airport place it within that wider commercial and transport environment.
Oil and gas is therefore one component of a much larger Growth Intelligence story: Namibia is attracting new industries, participants and business requirements, together with greater demand for the infrastructure and commercial platforms that support them.
SOURCE
Namibia Oil and Gas Conference and Exhibition, “Local Supplier Pitching,” second Local Supplier Pitching session hosted by the Namibia Investment Promotion and Development Board, held during the Local Content Conference on 18 August 2026.
Uis Expansion Moves From Funding to Execution
Andrada Mining has reached financial close on N$98 million in long-term funding for its Uis Mine ore-sorting expansion, moving the project into execution and targeting a significant increase in tin concentrate production.
SOURCE SIGNAL
Andrada Mining reached financial close on N$98 million in long-term funding for the expansion of its Uis Mine in Namibia on 17 August 2026.
The funding comprises facilities from Bank Windhoek and the Development Bank of Namibia, with all conditions precedent satisfied and definitive agreements executed.
The financing supports the installation of new ore-sorting infrastructure at Uis and moves the expansion from funding arrangements into project execution.
Andrada expects the new circuit to improve processing efficiency and increase tin concentrate production by approximately 50% to 70%, with fabrication of the ore-sorting equipment already underway.
The milestone follows earlier equity and debt funding initiatives and represents the point at which the capital required for the planned expansion became secured and executable.
COUNTRY IMPACT
Uis demonstrates how investment in Namibia’s mining sector is increasingly extending beyond mineral discovery into the expansion and optimisation of existing productive assets.
The project is particularly significant because Namibia’s mineral endowment includes commodities increasingly relevant to international technology, energy and critical-mineral supply chains.
Increasing production from an established Namibian operation strengthens the country’s ability to convert its geological resources into sustained economic activity.
The financing structure also provides an important domestic investment signal. Namibian financial institutions are participating directly in funding the expansion of productive mining infrastructure rather than the project relying entirely on international capital.
As the expansion moves into execution, it creates additional demand across engineering, equipment, construction, logistics, procurement and supporting services while increasing the productive capacity of the existing operation.
RELEVANCE TO SUNGATE
Mining expansion generates economic activity well beyond the mine itself.
Projects such as Uis require the movement of investors, specialists, contractors, equipment and services between operating areas, Windhoek and international markets.
Hosea Kutako International Airport provides a principal gateway for many of these connections, while Namibia’s road and rail networks link mining regions with Windhoek, Walvis Bay and the country’s broader logistics system.
Sungate is positioned adjacent to HKIA at the convergence of air, road and rail, placing the development within the infrastructure network through which Namibia’s expanding mining economy connects with domestic and international markets.
The significance of the Uis expansion for Sungate is therefore part of a wider pattern: as Namibia converts mineral resources into funded and operating projects, demand increases for well-connected commercial, logistics and supporting-service infrastructure.
SOURCE
Andrada Mining Limited / Namibia Securities Exchange. “Financial Close and Execution of the NAD98 Million Strategic Funding for Uis Mine Ore Sorting Expansion.” 17 August 2026.
Namibia’s Freight Economy Needs More Than Roads
SOURCE SIGNAL
Namibia’s position as a regional transport and logistics gateway depends not only on the quality of its road network, but on how effectively road, rail, ports and aviation operate together.
An analysis published by The Brief highlights the country’s heavy reliance on road freight while arguing that rail and air freight remain underutilised components of Namibia’s wider logistics system.
Road transport currently carries much of the country’s freight activity and plays a central role in connecting Walvis Bay with Namibia’s domestic economy and neighbouring markets.
The analysis argues, however, that a more balanced freight system could improve efficiency and resilience by making better use of rail for appropriate bulk and long-distance cargo while developing air freight for higher-value, time-sensitive goods.
The underlying economic signal is the growing importance of multimodal transport as Namibia seeks to strengthen its position as a regional trade and logistics hub.
COUNTRY IMPACT
Namibia’s geography gives logistics an unusually important role in the national economy.
The Port of Walvis Bay provides access to international shipping routes, while road and rail corridors connect the coast with Windhoek and markets across Southern Africa.
As mining, energy, agriculture, trade and other industries expand, the volume and complexity of goods moving through these networks can also increase.
An efficient freight economy therefore requires more than capacity on any single transport mode. Roads, railways, ports, airports, warehousing, distribution facilities and supporting services each perform different functions within the broader supply chain.
The Brief article is an analysis rather than an announcement of a specific new infrastructure project. Its importance lies in highlighting a structural issue: Namibia’s longer-term logistics competitiveness may depend on making more effective use of the different transport systems already forming part of its national network.
RELEVANCE TO SUNGATE
Sungate is positioned within this wider multimodal transport environment.
The 408-hectare mixed-use development lies adjacent to Hosea Kutako International Airport and within the broader road and rail geography connecting Windhoek with the airport and Namibia’s regional transport corridors.
Its relevance is not that Sungate itself resolves Namibia’s freight challenges.
Rather, commercial and industrial activity tends to benefit from locations where transport systems, markets and supporting services can connect. Warehousing, distribution, light industry, business services and other logistics-supporting uses all depend on reliable access to wider transport networks.
As Namibia continues developing its role as a regional gateway, locations positioned within the country’s road, rail and aviation environment may become increasingly important to the businesses supporting that movement.
For Sungate, multimodal connectivity is therefore not simply a location characteristic. It forms part of the longer-term economic context in which the development sits.
SOURCE
The Brief, “Rerouting Freight: Roads We Trust, Rails We Under-Optimise,” 14 August 2026.
Retail Growth Opens the Door for Namibian Suppliers
A major retail transaction is creating structured opportunities for Namibian manufacturers through local procurement and supplier-development commitments.
SOURCE SIGNAL
A major retail transaction in Namibia is being used to create a more direct connection between large retail networks and local manufacturers.
The Namibia Competition Commission has approved Pepkor’s acquisition of the Legit, Style and Swagga/Beaver Canoe businesses previously operated by Retailability Namibia, subject to a series of conditions.
Among those conditions, the merged business is required to use reasonable endeavours to achieve N$40 million in procurement from Namibian manufacturers over three years, focusing on clothing, footwear and homeware.
Pepkor is also required to establish a Local Supplier and SME Development Programme valued at N$4.2 million over the same period.
The measures create a structured opportunity for Namibian manufacturers and smaller businesses to participate more directly in the supply chains of a major regional retail group.
COUNTRY IMPACT
Retail is an important part of the wider commercial economy because its impact extends beyond the shops through which products are ultimately sold.
Large retail networks create supply chains involving manufacturing, warehousing, distribution, transport, property, technology, employment and business services.
Increasing the proportion of goods sourced locally can therefore retain more economic activity within Namibia while creating opportunities for domestic manufacturers to develop the scale, quality and capabilities required by larger commercial customers.
The procurement target does not guarantee that N$40 million will ultimately be spent locally. The Competition Commission's condition requires reasonable endeavours towards that target, and the ability of Namibian manufacturers to meet required volumes and standards will remain important.
Nevertheless, the combination of procurement targets and supplier-development funding provides evidence of a deliberate effort to connect retail growth with domestic productive capacity.
RELEVANCE TO SUNGATE
Retail and supporting services form one component of Sungate’s mixed-use development framework.
The relevance of this development is broader than the particular Pepkor transaction. Growing retail networks require locations from which goods can be stored, distributed and sold, together with the transport, commercial services and workforce that support those activities.
Sungate’s position adjacent to Hosea Kutako International Airport and within the wider road and commercial environment east of Windhoek places it within a geography capable of accommodating a range of mixed-use activities over time.
This article does not indicate that Pepkor or any of the businesses involved intend to locate at Sungate.
Rather, it demonstrates another part of Namibia’s evolving commercial economy: established retail activity increasingly being connected with local suppliers, manufacturing capacity and supporting business infrastructure.
For a mixed-use development such as Sungate, that broader commercial ecosystem is an important part of the long-term demand environment.
SOURCE
The Brief, “Namibia sets N$40m local procurement condition for Pepkor-Retailability merger,” 13 August 2026.
Windhoek’s Tourism Opportunity Starts at the Gateway
Windhoek’s position as Namibia’s principal international gateway creates an opportunity to capture more value from visitors travelling through the capital and Hosea Kutako International Airport.
SOURCE SIGNAL
Windhoek occupies an important position in Namibia’s tourism economy as the principal gateway through which many international visitors begin and end their journeys.
An analysis published by The Brief highlights the opportunity for the capital to capture more value from this position rather than functioning primarily as a short stop before visitors travel onwards to Namibia’s established tourism destinations.
The analysis notes Windhoek’s connection to Hosea Kutako International Airport and its role as the country’s primary point of entry for many international travellers, while observing that visitors commonly spend only a limited period in the capital.
The opportunity identified is therefore not simply to attract more visitors to Namibia, but to strengthen Windhoek itself as a destination through improved experiences, tourism products, connectivity and positioning.
This reflects a broader tourism principle: international gateways can create economic value not only by moving visitors through them, but by encouraging those visitors to spend more time and money within the surrounding economy.
COUNTRY IMPACT
Tourism already supports a wide network of Namibian businesses extending beyond accommodation and traditional attractions.
Visitor expenditure flows through restaurants, retail, transport, car rental, aviation, professional services, entertainment, tour operations and numerous supporting businesses.
Increasing the amount of time international visitors spend in Windhoek could therefore distribute tourism expenditure more widely while strengthening the capital’s role within Namibia’s overall visitor economy.
The opportunity is particularly relevant because Windhoek serves both leisure and business travellers and provides the connection between Namibia’s primary international airport and the wider country.
The Brief article is an analysis rather than an announcement of a specific government programme or investment project. Its significance lies in identifying an economic opportunity: Namibia may be able to extract greater value from visitor flows that already pass through its principal international gateway and capital city.
RELEVANCE TO SUNGATE
Sungate sits directly within this gateway environment.
The 408-hectare mixed-use development is adjacent to Hosea Kutako International Airport, on the principal route connecting international arrivals with Windhoek and the wider Namibian economy.
A stronger tourism economy around the airport-to-city corridor can create requirements extending beyond conventional tourism accommodation. These may include hospitality, food and beverage, retail, transport services, car rental, business services and other visitor-supporting activities.
This does not mean increased tourism automatically translates into development at Sungate.
The relevance is geographical and economic: if Namibia succeeds in capturing more value from the international visitors moving through its principal gateway, airport-adjacent commercial locations form part of the wider environment in which that activity can take place.
Sungate’s mixed-use structure provides the flexibility to respond over time as the commercial requirements surrounding Namibia’s international gateway evolve.
SOURCE
The Brief, “Reimagining the competitiveness of Windhoek as a tourism destination,” 11 August 2026.
Namibia Wants Its Airports to Become Economic Hubs
Namibia is calling for its airports to become economic hubs that support trade, exports, tourism and investment, expanding their role beyond transport infrastructure.
SOURCE SIGNAL
Namibia is signalling a broader economic role for its airports, extending beyond the movement of passengers and aircraft.
Works and Transport Minister Veikko Nekundi has directed the Namibia Airports Company to move beyond primarily maintaining airport infrastructure and become a more commercially driven operator capable of generating greater economic value from its assets.
Speaking to the NAC’s temporary board, the Minister said airports should function as economic hubs supporting trade, exports, tourism and investment rather than serving solely as transport infrastructure.
One area specifically highlighted was the absence of facilities for fast-moving goods and fresh-produce exports. The Minister questioned why Namibian products such as blueberries should first be transported to South Africa before being exported internationally when Namibia has its own international airport.
The direction points towards a wider view of aviation infrastructure: airports as platforms around which trade, logistics, tourism and commercial activity can develop.
COUNTRY IMPACT
Airports can contribute to an economy in ways that extend considerably beyond passenger movements.
International connectivity supports tourism and business travel, while appropriate cargo, cold-chain, logistics and handling infrastructure can give producers and exporters faster access to international markets.
For Namibia, this is particularly relevant as the economy develops across sectors including agriculture, tourism, mining, energy and other export-oriented industries.
The Minister’s comments do not constitute an announcement that new cargo facilities have been built, nor do they establish when particular projects will be delivered. They do, however, indicate a policy expectation that Namibia’s airport assets should be used more actively to support wider economic activity.
If implemented effectively, that approach could strengthen the relationship between aviation infrastructure and the businesses, services and supply chains operating around it.
RELEVANCE TO SUNGATE
This policy direction is particularly relevant to the economic geography surrounding Hosea Kutako International Airport.
Sungate is a 408-hectare mixed-use development adjacent to Namibia’s principal international airport, positioned within the wider road, aviation and commercial environment serving the capital and the country.
The significance is not that the Minister’s comments announce any project at Sungate. They do not.
Rather, they reinforce the underlying principle on which airport-adjacent development is based: a major international airport can function as more than a transport facility. As passenger movements, trade, logistics, tourism and investment interact around an airport, surrounding land can become part of a wider commercial ecosystem.
For Sungate, the growing emphasis on extracting greater economic value from Namibia’s airports strengthens the longer-term relevance of being positioned alongside the country’s primary international gateway.
SOURCE
The Brief, “Nekundi orders NAC overhaul, demands shift from asset custodian to commercial operator,” 10 August 2026.
New Locomotive Funding Strengthens Namibia’s Rail Backbone
TransNamib has reached financial close for the procurement of new locomotives, advancing the renewal of Namibia’s rail fleet and strengthening the freight infrastructure connecting inland economic activity with the country’s ports and regional trade corridors.
SOURCE SIGNAL
TransNamib reached financial close with the Development Bank of Southern Africa and the Development Bank of Namibia for funding that includes the procurement of new locomotives as part of the national rail operator’s programme to modernise its ageing fleet.
The financing represents an important transition from rail-recovery planning to funded fleet investment. New locomotive capacity is central to TransNamib’s ability to increase freight volumes, improve operational reliability and shift more cargo onto Namibia’s rail network.
The investment comes as Namibia continues to strengthen the wider logistics system linking its ports, inland commercial centres and regional transport corridors.
COUNTRY IMPACT
Rail is a critical component of Namibia’s ambition to strengthen its position as a logistics gateway for Southern Africa.
Modernising TransNamib’s locomotive fleet can improve the reliability and capacity of freight movements between Namibia’s ports and inland destinations while supporting greater movement of mining, industrial and containerised cargo by rail.
The investment should also be viewed alongside the broader expansion taking place across Namibia’s logistics system. Port handling capacity, terminal infrastructure, warehousing and regional corridor activity have all been receiving investment, increasing the importance of an efficient rail network capable of moving cargo beyond the port.
A stronger rail system therefore does more than improve TransNamib itself. It strengthens the infrastructure connecting Namibia’s productive economy to domestic and regional markets.
RELEVANCE TO SUNGATE
Sungate is positioned at the convergence of air, road and rail, adjacent to Hosea Kutako International Airport and connected to the wider transport geography linking Windhoek with Namibia’s national and regional logistics corridors.
The railway alignment immediately adjacent to the Sungate development geography, together with the railway siding anticipated in the Sungate master plan, makes investment in Namibia’s rail system directly relevant to the long-term potential of the development.
As TransNamib renews its locomotive fleet and Namibia increases the capacity and reliability of freight movement between ports, inland centres and regional markets, locations capable of integrating different modes of transport become increasingly strategically important.
For Sungate, the significance is therefore not simply that Namibia is buying locomotives. It is that another component of the air–road–rail logistics network surrounding the development is being strengthened through funded infrastructure investment.
SOURCE
Namibia Press Agency (NAMPA). “TransNamib reaches financial close for new locomotives.” 7 August 2026.
Namibia ranks second globally for greenfield investment performance
Namibia’s 2026 greenfield investment ranking signals strong international investor confidence and growing interest in new projects.
SOURCE SIGNAL
The Namibia Investment Promotion and Development Board reported on 30 July 2026 that Namibia ranked second globally and first in Africa in the 2026 Greenfield FDI Performance Index published by fDi Intelligence.
The index assesses how effectively countries attract new foreign direct investment projects relative to the size of their economies. Namibia attracted 16 greenfield investment projects during 2025, its second-highest annual result.
COUNTRY IMPACT
The ranking indicates that Namibia is attracting a greater share of new international investment projects than its economic size would ordinarily suggest.
Growing interest across energy, mining, logistics, renewable energy and other sectors strengthens Namibia’s visibility as an investment destination. Maintaining that momentum will still require reliable infrastructure, regulatory certainty, skills and efficient service delivery.
RELEVANCE TO SUNGATE
The ranking is not an endorsement of Sungate and does not guarantee investment in the development.
It does, however, reinforce the wider national investment environment within which Sungate is positioned. Strategically located, investment-ready land can become increasingly relevant as new projects, businesses and service providers seek suitable locations from which to operate.
SOURCE
Namibia Investment Promotion and Development Board — “Namibia Ranks Second Globally for Greenfield FDI Performance, Signaling Strong Investor Confidence”, 30 July 2026.
A New Rail Corridor Connects Walvis Bay to an Inland Logistics Hub
Kaleido Logistics and TransNamib have launched a new rail freight corridor between Walvis Bay and Karibib alongside an inland logistics hub, strengthening the movement of cargo between Namibia’s principal port and the interior.
SOURCE SIGNAL
Kaleido Logistics and TransNamib launched a new rail freight corridor between Walvis Bay and Karibib on 30 July 2026, together with a new inland logistics hub at Karibib.
The partnership is designed to move bulk and containerised freight from the Port of Walvis Bay inland by rail, creating a logistics connection between Namibia’s principal commercial port and a strategically located distribution point in the interior.
The operation is targeting cargo volumes of up to approximately 25,000 tonnes per month, increasing the role of rail in moving freight away from the coast.
The development represents an operating logistics solution rather than a proposed corridor: rail services and inland logistics infrastructure are being combined to create additional freight capacity within Namibia’s transport network.
COUNTRY IMPACT
The Walvis Bay–Karibib corridor strengthens the connection between Namibia’s port infrastructure and the country’s inland transport system.
Moving larger volumes of freight by rail can reduce pressure on the road network, improve the efficiency of bulk cargo movements and provide businesses with additional options for transporting goods between the coast and inland markets.
Karibib’s position on Namibia’s east–west transport axis also gives the logistics hub wider strategic relevance. Cargo moving inland from Walvis Bay can connect into the transport network serving Windhoek and onward regional corridors.
The development should therefore be viewed alongside the broader investment occurring across Namibia’s logistics system, including new port terminals, cargo-handling equipment, warehousing and rail-fleet investment.
Together, these developments provide evidence of a logistics network becoming increasingly integrated across port, rail, road and inland distribution infrastructure.
RELEVANCE TO SUNGATE
The development is particularly relevant to Sungate because rail forms one of the three transport systems at the centre of Sungate’s location.
Sungate is positioned at the convergence of air, road and rail, adjacent to Hosea Kutako International Airport. The railway alignment runs immediately adjacent to the Sungate development geography, and the master plan anticipates a railway siding as part of the development concept.
The Walvis Bay–Karibib initiative demonstrates that rail is increasingly being used as part of an integrated logistics model linking Namibia’s ports with inland commercial and distribution nodes.
As freight moves inland from Walvis Bay and connects through Namibia’s east–west transport geography, locations capable of integrating rail with major road connections and other transport infrastructure become increasingly strategically relevant.
For Sungate, this strengthens the long-term proposition for logistics, warehousing, light industrial and supporting commercial activity within a development positioned along the broader Walvis Bay–Windhoek–Trans-Kalahari transport system.
SOURCE
TransNamib. “Kaleido Logistics and TransNamib Launch Rail Corridor and Open New Logistics Hub.” 30 July 2026.
N$393 Million in Local Contracts Advances the Tumas Uranium Project
Deep Yellow has awarded approximately N$393 million in major Tumas Uranium Project construction contracts to Namibian-owned companies, advancing project execution while directing significant mining investment into the local economy.
SOURCE SIGNAL
Deep Yellow awarded approximately N$392.6 million in construction contracts for the Tumas Uranium Project in July 2026, directing the major work packages to two 100% Namibian-owned companies.
The contracts cover significant civil and concrete works required for the project's processing facilities, with contractor mobilisation scheduled to begin in August 2026.
Approximately 500 local jobs were expected to be created through the construction packages.
The awards represent an important step in advancing Tumas from project development toward physical execution while embedding substantial Namibian participation within the construction phase.
COUNTRY IMPACT
Tumas forms part of a wider resurgence of investment in Namibia's uranium sector as international demand strengthens the strategic importance of nuclear fuel and energy security.
The significance of the July contracts extends beyond the uranium resource itself.
Almost N$393 million of project expenditure has been directed toward Namibian-owned contractors, allowing a greater portion of the economic value associated with mine development to flow through the domestic construction and services economy.
Large mining projects create demand across engineering, civil construction, transport, equipment, accommodation, procurement and professional services.
Local participation in major construction packages strengthens the ability of Namibian businesses to develop experience and capacity while supporting employment and economic activity during project development.
Tumas therefore provides evidence of both new mining investment and the domestic economic participation that can accompany that investment.
RELEVANCE TO SUNGATE
The economic impact of major mining developments extends far beyond the mine site.
Projects such as Tumas require the movement of contractors, investors, specialists, equipment and services between mining regions, Windhoek and international markets.
As more project expenditure is captured by Namibian businesses, the secondary commercial impact also becomes more significant. Local contractors and suppliers require offices, logistics, warehousing, transport, accommodation and access to national and international connectivity.
Hosea Kutako International Airport is a principal gateway for international business and technical travel, while Windhoek remains an important centre for the professional and commercial services supporting Namibia's mining economy.
Sungate is positioned adjacent to HKIA at the convergence of air, road and rail.
The Tumas contracts therefore reinforce a broader investment signal relevant to Sungate: Namibia's resource development is increasingly generating real capital expenditure, local contracting opportunities and supporting commercial activity.
For a well-connected mixed-use development positioned at Namibia's principal international gateway, that expanding secondary economy contributes to the long-term opportunity for commercial, logistics and supporting-service uses.
SOURCE
The Namibian. “Deep Yellow awards N$393m contracts to local firms.” 22 July 2026.
Namibia Positioned as a Gateway to 380 Million Southern African Consumers
Poland has identified Namibia as a strategic entry point into Southern Africa, highlighting the country’s location, stability and connectivity as a gateway to a regional market of approximately 380 million consumers.
SOURCE SIGNAL
Poland has identified Namibia as a strategic entry point for expanding trade and investment into Southern Africa, highlighting the country’s political stability, location and growing economy as advantages for companies seeking access to the wider region.
During a high-level visit to Windhoek, Poland’s Deputy Prime Minister and Minister of Foreign Affairs, Radosław Sikorski, described Namibia as an important strategic partner and an effective gateway into a Southern African market of approximately 380 million consumers.
Polish companies are exploring opportunities in sectors including mining and geological exploration, pharmaceuticals, digital infrastructure, data centres, water management and infrastructure development.
The engagement provides an important external investment signal: Namibia’s value to international investors is being assessed not only in terms of its domestic economy and resources, but also as a platform from which businesses can access the wider Southern African market.
COUNTRY IMPACT
Namibia’s ability to position itself as a regional gateway depends on more than geography.
It requires the combination of political stability, international connectivity, functioning ports, road and rail corridors, digital infrastructure and commercial systems capable of connecting global investors with markets across Southern Africa.
The Polish engagement demonstrates how these attributes can influence international investment decisions.
For a European company assessing Namibia, the addressable opportunity can extend beyond a domestic population of approximately three million people. Namibia can provide access into a substantially larger regional economy through the transport and trade corridors linking its Atlantic ports and commercial centres with neighbouring countries.
That proposition becomes increasingly significant as Namibia seeks to expand exports, increase local beneficiation and attract investment into mining, infrastructure, technology, pharmaceuticals and other productive sectors.
International recognition of Namibia as a gateway to approximately 380 million Southern African consumers therefore reinforces the strategic economic value of the country’s regional connectivity.
RELEVANCE TO SUNGATE
The regional gateway proposition is directly relevant to Sungate.
Sungate is positioned adjacent to Hosea Kutako International Airport, Namibia’s principal international aviation gateway, and at the convergence of air, road and rail.
Its location also connects directly into the wider east–west transport geography linking Windhoek and Walvis Bay with Botswana, South Africa and regional markets through the Trans-Kalahari Corridor.
The railway alignment runs immediately adjacent to the Sungate development geography, and the Sungate master plan anticipates a railway siding as part of the development concept.
This means the idea of Namibia as a gateway to a 380-million-consumer regional market is not simply an abstract investment narrative for Sungate.
The infrastructure that makes that gateway possible — international aviation, national highways, rail and regional trade corridors — converges around the development’s broader location.
For businesses considering Namibia as a base from which to serve Southern African markets, locations combining international accessibility with inland transport connectivity become increasingly relevant.
Sungate therefore sits within the physical infrastructure network underpinning the proposition identified by Poland: Namibia as an accessible, stable and strategically positioned gateway into the wider Southern African economy.
SOURCE
The Brief. “Poland targets Namibia as gateway to 380 million Southern African consumers.” 30 June 2026.
Rosh Pinah Expansion Doubles Processing Capacity
Rosh Pinah Zinc has commissioned the new SAG mill at its RP2.0 expansion, bringing the integrated processing circuit into operation and doubling processing capacity from approximately 700,000 to 1.4 million tonnes per year.
SOURCE SIGNAL
Rosh Pinah Zinc commissioned the new semi-autogenous grinding (SAG) mill at its RP2.0 expansion on 29 June 2026, marking the commissioning of the final major processing component of the project.
The new mill brings the expanded processing circuit into operation as an integrated system and increases Rosh Pinah’s processing capacity from approximately 700,000 tonnes to 1.4 million tonnes per year.
At commissioning, RP2.0 was more than 95% complete, with Rosh Pinah Zinc reporting that the expansion remained on schedule and on budget.
The milestone follows the commissioning of other major components of RP2.0, including Namibia’s first paste backfill plant, and represents the transition of a substantial mining expansion from construction into operating productive capacity.
COUNTRY IMPACT
RP2.0 represents significant reinvestment into an established Namibian mining operation and materially increases the productive capacity of the Rosh Pinah mine.
Doubling processing throughput strengthens the mine’s ability to increase zinc and lead production while extending the economic contribution of an important operation in southern Namibia.
The expansion also demonstrates a broader investment signal: capital is being deployed not only into new exploration prospects but into physical processing infrastructure that increases Namibia’s existing mineral-production capacity.
Projects of this scale create demand extending beyond the mine itself. Construction, engineering, equipment, transport, energy, water, professional services and ongoing supply requirements all form part of the wider economic activity generated by industrial expansion.
RP2.0 therefore provides tangible evidence of Namibia’s mining sector moving through an active phase of capital investment and productive expansion.
RELEVANCE TO SUNGATE
Large-scale mining investment creates economic activity far beyond the geographical location of an individual mine.
Expanding mining operations require equipment, technical expertise, logistics, business travel, accommodation, professional services, procurement, warehousing and access to national and international transport networks.
Windhoek and Hosea Kutako International Airport form an important gateway through which many of these people, services and commercial relationships connect with Namibia.
For Sungate, the significance of RP2.0 lies in the wider pattern it represents. As Namibia’s mining economy expands and existing operations invest in additional productive capacity, demand grows for the commercial, logistics and supporting-service infrastructure that connects industrial activity with national and international markets.
Sungate’s position at the convergence of air, road and rail, adjacent to Namibia’s principal international airport, places the development within that broader economic network.
SOURCE
Rosh Pinah Zinc. “RPZ Commissions SAG Mill, a Critical Component of RP2.0.” 29 June 2026.
Namibia’s retail economy sustains strong growth into 2026
Wholesale and retail activity continued its strong growth trajectory in early 2026, adding another signal of expanding commercial and consumer activity in Namibia.
SOURCE SIGNAL
The Namibia Statistics Agency reported that the Wholesale and Retail Trade sector grew by 9.3 percent in real value added during the first quarter of 2026, compared with growth of 7.5 percent in the corresponding quarter of 2025.
This followed a 7.8 percent increase in real value added across the sector during 2025, when stronger supermarket and furniture sales contributed to sector performance.
COUNTRY IMPACT
Sustained wholesale and retail growth reflects continued activity within Namibia’s domestic commercial economy.
As business nodes, residential areas, transport corridors and employment centres develop, supporting demand can extend beyond conventional retail to convenience services, food and beverage, vehicle-related services, financial services and other day-to-day commercial activities.
RELEVANCE TO SUNGATE
Retail demand at Sungate will ultimately depend on the pace, scale and mix of development within the wider masterplan.
The national growth signal is nevertheless relevant because Sungate is planned as a mixed-use development rather than a single-purpose industrial or logistics estate. As businesses, workers, travellers and potentially residents become concentrated within the development over time, supporting retail and service requirements can emerge alongside the primary economic activity.
In that sense, retail and supporting services are not necessarily the first driver of Sungate — they can become part of the economy that develops around the activity generated there.
SOURCE
Namibia Statistics Agency — Gross Domestic Product: First Quarter 2026, 25 June 2026.