News

Bloomberg Saudi Arabia started the sale of dollar-denominated Islamic bonds and is seeking to raise about $2 billion to complete the kingdom’s external funding requirements for the year. The world’s biggest oil exporter mandated BNP Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., Mizuho Bank and Samba Capital for the deal, according to a term sheet seen ...

ABU DHABI / WAM Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, on Wednesday announced the creation of Aldar Investment Properties LLC (‘Aldar Investments’), the region’s largest diversified real estate investment company. The company will take ownership of some of Abu Dhabi’s highest quality, revenue-generating real estate assets, valued at AED20 billion ($5.4 billion). Aldar Investments, ...

DAMMAM / WAM The Arab Petroleum Investments Corporation (Apicorp) announced its half year results for the six months ended June 30. The company records total income of $169.9 million as compared to $60.0. Key drivers of this strong underlying performance were a 40 percent increase in net interest income to $45.9 million, evidence of an increase of the yield and ...

Bloomberg India’s rupee rallied the most in 1 1/2 years and stocks recovered after an official said the government may announce measures to support the currency after a planned review of the economy by Prime Minister Narendra Modi this weekend. The government is not ruling out an increase in interest rates, the official said in New Delhi. The rupee has ...

Bloomberg Russia has the capacity to set a new oil-production record, but won’t decide whether the market needs those additional supplies before a meeting later this month with its OPEC allies. The country could boost output by as much as 300,000 barrels a day in the medium-term, which would beat the post-Soviet record set in October 2016, Russian Energy Minister ...

HODEIDAH / WAM The joint Yemeni Resistance Forces, led by the al-‘Amalaqah Brigades (Arabic for Giants), have taken control of the Kilometre 10 area and have succeeded in cutting all the supply lines of the Houthi militia to the Kilometre 16 area in the province of Hodeidah. The Kilometrre 16 area is a key point on the route between Hodeidah ...

ABU DHABI / WAM­­­­­ Masdar, Abu Dhabi Future Energy Company, will help the Public Utilities Corporation (PUC), in building a five-megawatt solar photovoltaic power plant with battery storage in Seychelles. The project is being financed by a AED31 million loan from Abu Dhabi Fund for Development (ADFD), as well as funds from PUC’s own equity. The project’s Engineering, Procurement And ...

Dubai / Emirates Business The Dubai Chamber of Commerce and Industry hosted a high-level delegation from the Shanghai Federation of Industry and Commerce (SFIC) at its head office, which was led by Zhao Fuxi, Executive Vice Chairman (SFIC). The visiting delegation, joined by 12 representatives from the Shanghai Federation of Industry and Commerce, was received by HE Hamad Buamim, President ...

AJMAN / WAM The Department of Economic Development – (Ajman, DED) signed two strategic cooperative agreements with TAD Logistics Company and Al Shamali International Freight Services (SIFCO). Under the terms of the agreement, the two companies will assist DED-Ajman in facilitating the transfer and storage of seized, damaged and counterfeit items. The new partnership demonstrates DED-Ajman’s continued commitment towards establishing ...

Dubai / Emirates Business Emirates SkyCargo announced that it has transported the one millionth Unit Loading Device (ULD) through its bonded corridor trucking service connecting Dubai International Airport (DXB) and Dubai World Central (DWC). The trucking service allows for rapid connection of cargo between Emirates’ passenger and freighter aircraft. Emirates SkyCargo launched the trucking corridor in April 2014, when the ...