Taqa raises $1.5bn from dual tranche bond to fund expansion
Abu Dhabi National Energy Company, better known as Taqa, has raised an aggregate $1.5 billion through dual tranche bond issuances, including its first green bond as it continues to invest in expansion and diversify its sources of funding.
Taqa, among the largest integrated utilities in the Europe, Middle East and Africa region, raised $1 billion from its debut green bond, net proceeds of which will be used for financing, refinance and investment in green projects, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The 10-year senior unsecured bond maturing in April 2033, carries a coupon of 4.696 per cent.
The five-year tranche of $500 million, maturing in January 2029, was issued as conventional bonds at a coupon rate of 4.375 per cent. Taqa plans to use the proceeds of the deal for general corporate purposes, it said.
The aggregate order book of both convention and green bond issuances reached almost $15 billion, as the deal was about 10 times oversubscribed.
Tuesday 18 April 2023
Russia's Gazprom sets up Middle East unit | Reuters
Russia's Gazprom sets up Middle East unit | Reuters
Russian natural gas giant Gazprom (GAZP.MM) is setting up a Middle East unit, the company said in a regulatory disclosure on Tuesday.
It did not reveal details.
Several Russian companies are shifting their business away from Europe, which introduced sanctions against Moscow over its actions in Ukraine.
Dubai, the Gulf's financial and business centre, has emerged as a refuge for Russian wealth.
Russian natural gas giant Gazprom (GAZP.MM) is setting up a Middle East unit, the company said in a regulatory disclosure on Tuesday.
It did not reveal details.
Several Russian companies are shifting their business away from Europe, which introduced sanctions against Moscow over its actions in Ukraine.
Dubai, the Gulf's financial and business centre, has emerged as a refuge for Russian wealth.
#UAE property developer DAMAC sells $400 mln Islamic bond | Reuters
UAE property developer DAMAC sells $400 mln Islamic bond | Reuters
Dubai-based real estate developer DAMAC on Tuesday sold a three-year $400 million Islamic bond, or sukuk, less than initially expected, with a yield of 7.75%, a bank document showed.
The issue followed a series of investor calls and meetings that kicked off last week for a benchmark-sized sale, understood to be at least $500 million.
The company, rated BB- by S&P, priced tighter than guidance of around 7.875% released earlier as order books hit over $1.15 billion, a document from a mandated bank showed.
Dubai-based real estate developer DAMAC on Tuesday sold a three-year $400 million Islamic bond, or sukuk, less than initially expected, with a yield of 7.75%, a bank document showed.
The issue followed a series of investor calls and meetings that kicked off last week for a benchmark-sized sale, understood to be at least $500 million.
The company, rated BB- by S&P, priced tighter than guidance of around 7.875% released earlier as order books hit over $1.15 billion, a document from a mandated bank showed.
Amazon’s Mideast Rival Noon Cuts 10% of Jobs to Pare Costs - Bloomberg
Amazon’s Mideast Rival Noon Cuts 10% of Jobs to Pare Costs - Bloomberg
Noon, the Middle East’s answer to Amazon.com Inc., cut about 10% of its roughly 3,400-strong workforce to increase efficiency and reduce costs, according to its founder Mohamed Alabbar.
The layoffs at the Dubai-based e-commerce firm included roles in marketing and advertising, as well as in other departments, Alabbar said in an interview.
“We’ve been cutting costs and reducing staff for the past year and a half,” said Alabbar, who owns 50% of Noon, while Saudi Arabia’s sovereign wealth fund owns the other half. “We started before the big tech companies did but we’re done now.”
Noon, the Middle East’s answer to Amazon.com Inc., cut about 10% of its roughly 3,400-strong workforce to increase efficiency and reduce costs, according to its founder Mohamed Alabbar.
The layoffs at the Dubai-based e-commerce firm included roles in marketing and advertising, as well as in other departments, Alabbar said in an interview.
“We’ve been cutting costs and reducing staff for the past year and a half,” said Alabbar, who owns 50% of Noon, while Saudi Arabia’s sovereign wealth fund owns the other half. “We started before the big tech companies did but we’re done now.”
National Bank of #Kuwait Q1 2023 net profit up 15%
National Bank of Kuwait Q1 2023 net profit up 15%
National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit of 134 million dinars ($437 million) in Q1 2023, up 15% year-on-year (YoY) due to higher net interest income, that was partly offset by higher operating expenses and higher impairment charges.
The result was in line with analysts' average estimate, according to Refinitiv data.
In a regulatory statement on the Kuwait stock exchange on Tuesday, NBK said operating revenue was KWD277.9 million versus KWD234.6 million in the year-ago period.
National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit of 134 million dinars ($437 million) in Q1 2023, up 15% year-on-year (YoY) due to higher net interest income, that was partly offset by higher operating expenses and higher impairment charges.
The result was in line with analysts' average estimate, according to Refinitiv data.
In a regulatory statement on the Kuwait stock exchange on Tuesday, NBK said operating revenue was KWD277.9 million versus KWD234.6 million in the year-ago period.
Mideast Stocks: Most Gulf markets end lower ahead of Eid break
Mideast Stocks: Most Gulf markets end lower ahead of Eid break
Stock markets in the Gulf ended lower in thin trade on Tuesday, as long-term equity investors stayed on the sidelines ahead of the Eid al-Fitr holidays due this week, although the Kuwaiti index bucked the sombre trend to close the session higher.
Dubai's main share index eased 0.1%, with blue-chip developer Emaar Properties slumping 1% to lead the losses.
In Abu Dhabi, the index dipped 0.1% to snap a six-day winning streak, with the United Arab Emirates' biggest lender First Abu Dhabi Bank losing 0.3%.
The Abu Dhabi market saw downward pressure after more than a week of upbeat performances as traders try to secure their gains, said Daniel Takieddine, CEO MENA at BDSwiss. "Oil prices' failure to pick up also weighed on the market."
Oil - a key catalyst for the Gulf's financial markets - fell for a second day as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook. Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month.
The Qatari index dropped 0.5%, led by a 1.3% fall in shares of Qatar Islamic Bank and a 3.5% decline in Qatar International Islamic Bank. Outside the Gulf, Egypt's blue-chip index, which traded after a two-session break, finished 0.8% lower, with Commercial International Bank tumbling 6.7%, while Telecom Egypt slid 3.8% as the firm traded ex-dividend.
According to Takieddine, the Egyptian market saw strong price corrections after failing to rise above this year's peak. "The main index was recording some selling pressures and low volumes from international investors while trading volumes accelerated among local investors."
Dubai's main share index eased 0.1%, with blue-chip developer Emaar Properties slumping 1% to lead the losses.
In Abu Dhabi, the index dipped 0.1% to snap a six-day winning streak, with the United Arab Emirates' biggest lender First Abu Dhabi Bank losing 0.3%.
The Abu Dhabi market saw downward pressure after more than a week of upbeat performances as traders try to secure their gains, said Daniel Takieddine, CEO MENA at BDSwiss. "Oil prices' failure to pick up also weighed on the market."
Oil - a key catalyst for the Gulf's financial markets - fell for a second day as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook. Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month.
The Qatari index dropped 0.5%, led by a 1.3% fall in shares of Qatar Islamic Bank and a 3.5% decline in Qatar International Islamic Bank. Outside the Gulf, Egypt's blue-chip index, which traded after a two-session break, finished 0.8% lower, with Commercial International Bank tumbling 6.7%, while Telecom Egypt slid 3.8% as the firm traded ex-dividend.
According to Takieddine, the Egyptian market saw strong price corrections after failing to rise above this year's peak. "The main index was recording some selling pressures and low volumes from international investors while trading volumes accelerated among local investors."
IMF Says #Saudi Budget to Win From OPEC Cuts With Oil Price Boost - Bloomberg
IMF Says Saudi Budget to Win From OPEC Cuts With Oil Price Boost - Bloomberg
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Saudi Arabia’s budget will more than make up for a production cut announced by the kingdom with OPEC and its allies, according to the International Monetary Fund, as it reels in more revenue thanks to higher crude prices and keeps spending in check.
“The impact on the budget and on the external position relative to what we had projected is positive,” Amine Mati, the IMF mission chief to Saudi Arabia, said in an interview in Washington. “So the price impact would offset the loss that could arise from the production.”
Oil has rebounded after a banking crisis that rippled across markets drove futures to a 15-month low in mid-March. Global benchmark Brent has held above $85 per barrel in April, following the unexpected decision to cut more than 1 million barrels in daily output starting next month.
Saudi Arabia, OPEC’s de facto leader and the world’s top oil exporter, agreed to slash production by 500,000 barrels a day.
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Saudi Arabia’s budget will more than make up for a production cut announced by the kingdom with OPEC and its allies, according to the International Monetary Fund, as it reels in more revenue thanks to higher crude prices and keeps spending in check.
“The impact on the budget and on the external position relative to what we had projected is positive,” Amine Mati, the IMF mission chief to Saudi Arabia, said in an interview in Washington. “So the price impact would offset the loss that could arise from the production.”
Oil has rebounded after a banking crisis that rippled across markets drove futures to a 15-month low in mid-March. Global benchmark Brent has held above $85 per barrel in April, following the unexpected decision to cut more than 1 million barrels in daily output starting next month.
Saudi Arabia, OPEC’s de facto leader and the world’s top oil exporter, agreed to slash production by 500,000 barrels a day.
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