MoU signed by Dubai Chambers to boost business competitiveness
A memorandum of understanding (MoU) was signed by Dubai Chambers in Citi UAE to enhance the cooperation and coordination to serve goals, boost the competitiveness of the business community, and facilitate the public-private partnership that drives sustainable economic growth.
H.E. Hamad Buamim, President and CEO of Dubai chambers, Elissar Farah Antonios, CEO of Citi UAE and Head of the Middle East and North Africa signed the memorandum, in the presence of representatives from both entities.
Abu Dhabi’s Borouge raises $2bn as IPO oversubscribed 42 times
The Abu Dhabi-based petrochemicals company Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, successfully closed its $2 billion initial public offerings, the biggest share sale on the Abu Dhabi Securities Exchange that was about 42 times oversubscribed. Total gross demand for the IPO amounted to over $83.4 billion which also attracted India’s billionaire Adani family. The company had set the price per share for its 10 percent float at Dh2.45 ($0.67), implying an equity value of about $20bn.
Strata to develop world’s most energy-efficient AC
The 10-year comprehensive road map focuses on increasing the industrial sector’s contribution to the country’s gross domestic product to Dh300 billion ($81.7bn) by 2031, from the current Dh133 billion.
UAE producing close to maximum oil capacity based on Opec+ base
The UAE, Opec’s third-largest oil producer, is producing close to its maximum oil capacity based on the Opec+ alliance baseline, Suhail Al Mazrouei, Minister of Energy and Infrastructure. The country, which holds about 6 percent of the world’s crude reserves, is producing 3.168m barrels a day of oil in line with targets set by the Opec+ agreement and is committed to this target capacity “until the end of the agreement”, Mr. Al Mazrouei said.
Saudi Arabia injects 50 billion riyals in liquidity-starved banks
The Saudi Central Bank placed about 50 billion riyals ($13 billion) as time deposits with commercial lenders, according to people familiar with the matter, seeking to ease the worst liquidity crunch in over a decade. The intervention started just before the US Federal Reserve’s interest-rate hike this month, and consisted of money provided to banks at a discount to the three-month Saudi Interbank Offered Rate, or Saibor, used as a benchmark to price loans, the people said, asking not to be identified as the information is private.
Ajman Free Zone’s e-commerce sector records 45% growth in 2022
Ajman Free Zone (AFZ) has reported a growth of 45 per cent in its e-commerce sector since the beginning of this year. According to the official news agency WAM, the growth can be attributed to the authority’s diverse offerings, which include warehouse solutions and the UAE’s evolving e-commerce sector. Warehousing solutions, which are at the heart of AFZ’s business, are intended to fill logistical gaps.
Sharjah based Arada raises $350m through a dollar sukuk
Arada, a Sharjah-based developer, has issued a $350 million sukuk that has been listed on the London Stock Exchange. The dollar-denominated sukuk was priced at par with an 8.125 percent coupon, which was within the initial guidance range of 8.25 percent, for a 530 basis point spread over Treasuries. Fitch gave the five-year fixed-rate RegS debut sukuk issuance a BB- rating and Moody’s gave it a B1 rating. The issuance drew strong interest from regional and international investors, with a $720 million subscription order, more than twice the size of the offer. The deal was the first US dollar corporate sukuk globally in 2022.
Abu Dhabi’s Hub71, AIQ Partner to develop AI solutions
Abu Dhabi’s Hub71 is partnering with AIQ, a joint venture between Adnoc and Group 42, to explore new artificial intelligence solutions for the oil and gas industry and develop new AI solutions that support a sustainable energy future. As part of the agreement, Hub71 and AIQ will work together to advance the development of innovative digital technology to “unlock greater value from oil and gas operations” and help the energy industry become more sustainable, the companies said.
Dubai’s TECOM Group sets IPO price range to $454 million
TECOM Group has revealed the price range of its initial public offering (IPO), as well as the start dates for the subscription period, as it looks to list 12.5 percent of its share capital – approximately 625 million shares on the Dubai Financial Market (DFM).A total of 625,000,000 shares, equivalent to 12.5 percent of Tecom Group’s issued share capital, will be offered. The IPO is expected to raise proceeds from Dhs1.5bn ($419m) up until Dhs1.7bn ($454m). The price range implies a market capitalization of between $3.4 billion and $3.6 billion.
Saudi Ports Authority & DP World to construct logistics park
The Saudi Ports Authority (Mawani) and Dubai’s DP World have announced the signing of a contract for the construction of a logistics park at the Jeddah Islamic Port. The 30-year deal seeks to build a logistics park that extends over 415,000 square meters, with an in-land container depot capacity of roughly 250,000 TEU and a warehousing storage area of 100,000 square meters. The investment value of the agreement is more than SAR500m ($133.33m).
NPCC secures $673 million worth projects with Aramco
Aramco of Saudi Arabia has given contracts worth $673.2 million to National Petroleum Construction Company (NPCC), a fully-owned subsidiary of National Marine Dredging Company in Abu Dhabi, for two of its major projects: the MNIF 14 Jackets project in the kingdom and the Jafurah Development Programme. With an estimated 200 trillion standard cubic feet of gas in place, the Jafurah basin hosts the largest liquid-rich shale gas play in the Middle East
Abu Dhabi energy group Taqa lists $8.2bn bonds at ADX
The Abu Dhabi Securities Exchange (ADX) has announced that Abu Dhabi National Energy (Taqa) has made a secondary listing on the ADX of nine bonds with a total value of $8.25 billion, maturing between 2023 and 2051. The bonds were largely issued as part of Taqa’s Global Medium Term Note Programme and are listed on the London Stock Exchange.
