Abu Dhabi / WAM Emirates Global Aluminium on Monday announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding Rate (SOFR). SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades but has been the subject of market manipulation accusations. ...

Dubai / WAM Emirates Development Bank (EDB) has announced the signing of a memorandum of understanding (MoU) with Food Tech Valley, which is being developed by wasl Asset Management Group, to provide financing solutions to small and medium enterprises (SMEs) and start-ups operating within the project. The MoU will help support entrepreneurship and innovation as well as contribute to Food ...

  Dubai / WAM Dubai Electricity and Water Authority (Dewa) power capacity has increased from 43 megawatts (MW) in 1970 to 13,417 MW in 2021, a 300-fold increase. Its water production capacity increased from zero to 490 million imperial gallons per day (MIGD). Originally, there were no desalination stations as Dubai only had groundwater wells. Saeed Mohammed Al Tayer, MD ...