Bloomberg Ghana is missing out on a rally of African bonds as investors fret about an expansion in spending and borrowing ahead of elections in December. The elevated borrowing to cover the spending shortfall has seen the country’s three-year and longer-dated local bond yields rise on the secondary market even as those of its peers on the continent are falling. ...

Abu Dhabi / WAM The UAE cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday approved the issuance of a federal decree-law to amend several provisions of the Federal Law On Commercial Transactions. The amendments include changing certain provision covering bounced cheques and the ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), announced on Monday the award of contracts worth $324 million (AED1.19 billion) to optimise onshore field operations and enhance efficiencies as it continues to invest responsibly to drive smart growth. Adnoc Onshore, a subsidiary of Adnoc, awarded the three contracts which will see the procurement and construction of flowlines ...

Abu Dhabi / WAM Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Development Fund (ADFD), stated that the fund, in cooperation with the Sudanese government, recently implemented an aid package worth around $556.5 million to support Sudan’s financial, economic, health, education, nutrition and agriculture sectors, as part of an overall Emirati grant worth $1.5 billion. In his statement to ...

Bloomberg Oil falls to the lowest in three weeks as the threat of increased Libyan crude output added to concerns that a resurgence of the coronavirus will weaken the global economy. Futures in New York fell as much as 3.7% to below $39 a barrel on Monday. Libya’s daily output has risen to 690,000 barrels from less than 100,000 in ...

Manama / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, on Monday announced that it has acquired 32 industrial properties totaling approximately 3.5 million square feet across four major US markets for a total capitalisation of over $280 million. According to the company’s press release, the properties grow Investcorp’s wider US industrial real ...

Dubai / WAM Commercial Bank of Dubai (CBD) announced the issuance of a $600 million Additional Tier 1 (AT1) perpetual non-call 6-year bond, at a coupon of 6%, the lowest coupon from a Dubai bank issuer to date on a Basel III compliant AT1 bond. The transaction is the bank’s inaugural AT1 issuance, returning the bank to the capital markets ...

Abu Dhabi / WAM The highest number of submissions have been recorded for the 15th edition of the Sheikh Zayed Book Award, as its Reading Panel reported reviewing a record 2,349 submissions across nine categories, from 22 Arab and 35 foreign countries. The Reading Panel concluded its review of all submitted works, the highest number in the Award’s 14-year history, ...

Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 85,093 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement, the ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment. As ...

ABU DHABI / WAM The Zakat Fund’s total revenue in the first three quarters of 2020 amounted to around AED184 million, according to Abdullah bin Aqeedah Al Muhairi, Secretary-General of the Zakat Fund. He credited the Fund’s easy to use “collection channels” for the large donations saying they offer various options to pay and calculate Zakat. Al Muhairi expressed his ...