UAE's $3bn sovereign bonds five times oversubscribed
Dual-tranche $3 billion sovereign bonds issued by the UAE were five times oversubscribed, receiving more than $15bn in orders, after the size was doubled from an initial target of $1.5bn, the Ministry of Finance has said.
A 10-year tranche of $1.75bn, was priced at a spread of 100 basis points (bps) over US Treasuries, with a final coupon rate of 4.05 per cent. The tranche will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai, the ministry said late on Thursday.
A 30-year Formosa tranche of $1.25bn was priced at a spread of 175 bps over US Treasuries, with a final coupon rate of 4.951 per cent. The tranche will be listed on the LSE, the Taipei Exchange and Nasdaq Dubai.
Formosa bonds refer to debt issued in Taiwan by foreign borrowers in currencies other than the Taiwanese dollar.
The bonds were priced on June 23, 2022, and will be settled on July 7, 2022, the ministry said.
Saturday, 25 June 2022
Sanctioned Russian's superyacht docked in #Dubai #UAE | Reuters
Sanctioned Russian's superyacht docked in Dubai | Reuters
A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine.
Andrei Skoch's blue and white "Madame Gu" was docked at Port Rashid on Friday, where Dubai's Ruler Sheikh Mohammed bin Rashid Al Maktoum keeps his own yacht, both visible to passersby.
Dubai has emerged as a refuge for Russian wealth as Western sanctions target President Vladimir Putin's allies. The United Arab Emirates, seeking to maintain what it says is a neutral position on the war, has not imposed sanctions.
That has frustrated many Western diplomats who privately say the UAE position is untenable and siding with Moscow.
On Wednesday, U.S. Assistant Secretary of State for Near Eastern Affairs Barbara Leaf was asked during a U.S. House Foreign Affairs Subcommittee hearing about reports of Putin-linked oligarchs and businessmen sheltering assets in the UAE.
A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine.
Andrei Skoch's blue and white "Madame Gu" was docked at Port Rashid on Friday, where Dubai's Ruler Sheikh Mohammed bin Rashid Al Maktoum keeps his own yacht, both visible to passersby.
Dubai has emerged as a refuge for Russian wealth as Western sanctions target President Vladimir Putin's allies. The United Arab Emirates, seeking to maintain what it says is a neutral position on the war, has not imposed sanctions.
That has frustrated many Western diplomats who privately say the UAE position is untenable and siding with Moscow.
On Wednesday, U.S. Assistant Secretary of State for Near Eastern Affairs Barbara Leaf was asked during a U.S. House Foreign Affairs Subcommittee hearing about reports of Putin-linked oligarchs and businessmen sheltering assets in the UAE.
#SaudiArabia to invest $3.4 bln in vaccine, biomedical drugs sector | Reuters
Saudi Arabia to invest $3.4 bln in vaccine, biomedical drugs sector | Reuters
Saudi Arabia's industry and Mineral Resources minister said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA.
The Minister Bandar Alkhorayef, who heads the newly-established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom's push towards achieving pharmaceutical security and making Saudi Arabia a more prominent hub for the sector.
The investments will be implemented in two phases. The first includes techniques for manufacturing basic child vaccines and insulin, while the second aims to localize immunological and cancer drugs industry.
Saudi Arabia is currently importing all its needs of vaccines and biopharmaceutical drugs, the minister said.
Saudi Arabia's industry and Mineral Resources minister said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA.
The Minister Bandar Alkhorayef, who heads the newly-established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom's push towards achieving pharmaceutical security and making Saudi Arabia a more prominent hub for the sector.
The investments will be implemented in two phases. The first includes techniques for manufacturing basic child vaccines and insulin, while the second aims to localize immunological and cancer drugs industry.
Saudi Arabia is currently importing all its needs of vaccines and biopharmaceutical drugs, the minister said.
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