DAMMAM / WAM The UAE needs to invest at least $33bn to meet its expected additional 16GW capacity requirement over the medium term, the Arab Petroleum Investments Corporation (Apicorp) forecasted in its latest research report, published on Tuesday. The country is pushing strongly to diversify its energy sources in the power mix, and Apicorp estimates that nearly 10GW of capacity ...

ABU DHABI / WAM Monetary deposits at the UAE Central Bank stood at AED55.8 billion in the first quarter of 2018 while withdrawals reached about AED55 billion, according to the figures released by the UAE Central Bank on Tuesday. “Value of deposits in banknotes was AED5,578 million against AED23 million for currency in coins,” the figures indicated. “Monetary deposits were ...

DUBAI / Reuters Dubai-based Noor Bank has started marketing a five-year sukuk worth $500 million with an initial price guidance of around 175 basis points over mid-swaps, a document from one of the banks leading the transaction showed. Noor Bank, rated A-(minus) by Fitch, plans to price the senior unsecured Islamic bonds later on Tuesday. Citi, Deutsche Bank, Dubai Islamic ...