Business

SHARJAH / WAM Bank of Sharjah has acted as a Joint Lead Manager in the successful issuance of a $750 million, 10.5-year US dollar-denominated 144A/Reg S Sukuk for the Government of Sharjah, alongside other international and regional banks. The issuance received strong interest from investors, with a peak order book of $2.6 billion, underscoring the global confidence in the Government ...

ABU DHABI/WAM Aggregate net profits reported by companies listed on GCC exchanges witnessed a healthy year on year (YoY) growth of 5.7 percent during Q2-2024 led by a broad-based growth across most markets in the region. Kamco Investment Company, a regional non-banking financial powerhouse headquartered in Kuwait, in its latest report, stated that the quarter on quarter (QoQ) growth came in at ...

ABU DHABI/WAM e& enterprise, the digital transformation arm of e&, today announced the successful completion of its US$60 million acquisition of GlassHouse, a leading Türkiye-based provider of managed cloud, business continuity and SAP Infrastructure services. The acquisition, originally announced in June this year, strengthens e& enterprise’s capabilities in private cloud and managed services, bolstering its overall value proposition with the ...

ABU DHABI/WAM  Tabreed, a leading district cooling company, has made a major advancement in its efforts to decarbonise the cooling sector, achieving the ‘Verified Carbon Standard’ at one of its Abu Dhabi plants, certifying carbon credits to offset emissions. Independent non-profit agency, Verra, which sets the world’s leading standards for climate action and sustainable development, carried out a year-long verification ...

ABU DHABI/WAM Emirates Global Aluminium (EGA), the world’s largest premium aluminium producer and the biggest industrial company in the UAE outside oil and gas, today reported solid financial performance for the first half of 2024 amid sustained global demand for premium aluminium. EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) was AED 4.20 billion (US$1.14 billion), compared ...

DUBAI/WAM DXB Live, the integrated event management and experiential agency of Dubai World Trade Centre (DWTC), announced its expansion of its regional presence by officially opening a new office in Riyadh, Kingdom of Saudi Arabia (KSA). This expansion aligns with DXB Live’s strategy to strengthen its global footprint and reinforce its position as a leader in the events industry. Khalid ...

HONG KONG / WAM About 1.44 million travellers visited the Hong Kong Special Administrative Region during the eight-day Spring Festival holiday from Feb 10-17, with 1.26 million of them coming from the Chinese mainland, Chief Executive John Lee Ka-chiu said. Speaking to the media for the first time in the Year of the Dragon, the chief executive expressed his optimism ...

BEIJING / WAM China’s central bank announced its first medium-term lending facility (MLF) operation in the Year of the Dragon, continuing a streak of 15 consecutive months of net fund injections through MLF loans to maintain reasonable and ample liquidity in the banking system. According to Global Times, the People’s Bank of China (PBOC) has announced that a sum of ...

BEIJING / WAM China is moving away from traditionally energy-intensive industrial sectors towards green development across key sectors, in efforts to fulfill its goals of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060, according to China Central Television. In June 2023, the Hunan Valin Xiangtan Iron and Steel power plant in Xiangtan County, located in Hunan ...

BEIJING / WAM China’s consumer price index (CPI), a main gauge of inflation, edged up 0.3 percent month on month in January 2024, official data from the National Bureau of Statistics (NBS) showed. According to China Central Television, January witnessed the second consecutive month of growth, with an expansion of 0.2 percentage points compared to the previous month. Notably, urban ...