Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Business
Multiply added to FTSE GEIS
The inclusion will come into effect on June 20
- FTSE GEIS is part of the FTSE Russell, a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide
- It also provides a robust global equity index framework and includes over 16,000 large, mid, small and micro-cap securities across 48 developed and emerging markets globally
Business
OIFL to pay GMTN interest
The Ooredoo subsidiary said it will pay $9.3 million on June 22.
- Ooredoo Group reported a revenue of QR 30 billion ($8.23 billion) for the full year ended 31 December 2021.
- Group net profit attributable to shareholders stood at QR47m.
Business
PIF, Capital Bank Group sign pact
The deal worth $185m makes PIF a strategic investor in the group.
- The deal aims to increase the capital of the Capital Bank Group, and thus raise the total shareholders’ equity to more than 3.2 billion riyals, media reports said.
- It also aims at strengthening its plans for digital transformation by providing the latest electronic services that include the launch of digital banks.
Business
MA’ADEN, GlassPoint to develop heat plant
The facility will be the world's largest solar process heat plant.
- When completed, the 1,500 MW solar steam facility will help MA’ADEN achieve sustainability goals by reducing carbon emissions by over 600,000 tons annually.
- This represents more than 50 percent reduction of carbon footprint in MA’ADEN’s Alumina refinery and 4% of MA’ADEN’s overall carbon footprint.
Business
ADNOC L&S acquires 3 LNG vessels
In April the company announced it will acquire two LNG vessels.
- All five new-build LNG vessels will be built at the Jiangnan Shipyard in China.
- ADNOC L&S, the shipping and maritime logistics arm of ADNOC, is region’s largest shipping and logistics company.
Business
dnata to invest $100m in green ops
dnata, global air and travel services provider, announced that it would invest $100 million in green operations in the next...
- The company’s ongoing investment in infrastructure, equipment and process improvement will support it to achieve its strategic objectives.
- The company said it aims to reduce its carbon footprint by 20 percent by 2024, and by 50 percent by 2030.
Business
AFZ e-commerce grows 45 percent
The Free Zone announces this at Seamless Middle East 2022.
- AFZ said the growth can be attributed to the authority's diverse set of offerings, primarily warehouse solutions and the evolving e-commerce sector in the UAE.
- The dedicated logistics cluster also benefits e-commerce businesses by providing access to end-to-end warehousing capabilities, AFZ said.
Business
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
Business
DAMAC buys Swiss diamond jeweler
De Grisogono SA, a Swiss luxury jeweler filed for bankruptcy in 2020.
- The acquisition came three years after the Group purchased Italian fashion group Roberto Cavalli SpA
- Damac announced the launch of Safa One by de Grisogono, a project with cascading waterfalls and hanging gardens
Business
ICD net profit $2.74 bn
The Group's revenue was AED 169.4 bn, up 24.5 percent.
- The rise in revenue was attributed to rallying commodities prices in oil and gas, higher levels of activity in transportation.
- The Group's share of equity decreased by 1 percent to AED190.6 billion.
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Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Company News
DAE closes $1.6 billion loan
Business
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Chimera launches Lunate
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
Business
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SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
- Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
- The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
Business
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
- In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
- In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.
Business
EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.
- ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
- ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.