Abu Dhabi’s Masdar Plans More Green Bonds After $1 Billion Deal - Bloomberg
Abu Dhabi’s main renewables energy company Masdar is planning to sell green bonds annually for the next few years to help fund a global expansion.
The company, also known as Abu Dhabi Future Energy Co. PJSC, raised $1 billion through its second dollar-denominated green bonds sale this week, after a debut issue for $750 million last year. Masdar is targeting stakes in 100 gigawatts of clean projects by 2030.
“Because we’ve got quite a sizable pipeline of projects, we expect to be a repeat issuer pretty much every single year — at least for the near future,” Chief Financial Officer Mazin Khan said in an interview Thursday.
The company sold $500 million each of five-year bonds at 4.875% and 10-year at 5.25%, Masdar said in a statement Friday. Future bond programs will be of a similar size or “hopefully larger,” said Khan.
Around $450 million of the funds from the sale have already been allocated to equity investments in renewable energy projects, he said.
Abu Dhabi government companies Taqa, Mubadala and oil producer Adnoc own Masdar.
Friday, 19 July 2024
#UAE markets close higher on strong corporate earnings | Reuters
UAE markets close higher on strong corporate earnings | Reuters
Stock exchanges in United Arab Emirates closed higher, as strong corporate earnings boosted investor sentiments.
Even though Dubai index was a little volatile in early session amid reports of IT outage disrupting airlines, banks and financial services across the globe.
Dubai's main market (.DFMGI), opens new tab settled 0.3% higher, extending gains to third straight session, elevated by a 1.9% jump in Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab, while blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.5%.
Among gainers, Ajman Bank (AJBNK.DU), opens new tab surged 3.3% after the firm reported 103% growth in second-quarter net profit to 108.1 million dirhams ($29.43 million).
Dubai's largest lender Emirates NBD Bank (ENBD.DU), opens new tab was up 0.3% as the lender reported a 13% rise in second-quarter net profit on Thursday.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, hitting over 2-months high, supported by a 1.5% rise in UAE's third largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab after the lender posted a 20% hike in second-quarter net profit to 2.32 billion dirhams ($631.67 million) on Thursday.
Among the gainers, Abu Dhabi's biggest developer Aldar Properties (ALDAR.AD), opens new tab increased 1.6% and biggest utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab jumped 2.8%.
During the trading hours on Friday Abu Dhabi securities exchange (ADX) said that Global index provider FTSE Russell had identified a service disruption impacting all of its FTSE-managed indexes, including the ADX's indexes.
The Dubai index notched up 1.9%, its 7th weekly gain, while Abu Dhabi index extended gains to 5th week with 1% weekly rise- LSEG data.
However, oil prices - a key contributor to Gulf's economies - drifted lower as disappointing Chinese economic data and a lacklustre third plenum outcome has cast a shadow over the global mood.
Brent crude was down 0.3% to $84.88 a barrel by 1140 GMT.
Hong Kong Exchanges has added ADX And DFM As Recognised Stock Exchanges, allowing companies with primary listing on these two exchanges in UAE to apply for a secondary listing in Hong Kong.
Stock exchanges in United Arab Emirates closed higher, as strong corporate earnings boosted investor sentiments.
Even though Dubai index was a little volatile in early session amid reports of IT outage disrupting airlines, banks and financial services across the globe.
Dubai's main market (.DFMGI), opens new tab settled 0.3% higher, extending gains to third straight session, elevated by a 1.9% jump in Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab, while blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.5%.
Among gainers, Ajman Bank (AJBNK.DU), opens new tab surged 3.3% after the firm reported 103% growth in second-quarter net profit to 108.1 million dirhams ($29.43 million).
Dubai's largest lender Emirates NBD Bank (ENBD.DU), opens new tab was up 0.3% as the lender reported a 13% rise in second-quarter net profit on Thursday.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, hitting over 2-months high, supported by a 1.5% rise in UAE's third largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab after the lender posted a 20% hike in second-quarter net profit to 2.32 billion dirhams ($631.67 million) on Thursday.
Among the gainers, Abu Dhabi's biggest developer Aldar Properties (ALDAR.AD), opens new tab increased 1.6% and biggest utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab jumped 2.8%.
During the trading hours on Friday Abu Dhabi securities exchange (ADX) said that Global index provider FTSE Russell had identified a service disruption impacting all of its FTSE-managed indexes, including the ADX's indexes.
The Dubai index notched up 1.9%, its 7th weekly gain, while Abu Dhabi index extended gains to 5th week with 1% weekly rise- LSEG data.
However, oil prices - a key contributor to Gulf's economies - drifted lower as disappointing Chinese economic data and a lacklustre third plenum outcome has cast a shadow over the global mood.
Brent crude was down 0.3% to $84.88 a barrel by 1140 GMT.
Hong Kong Exchanges has added ADX And DFM As Recognised Stock Exchanges, allowing companies with primary listing on these two exchanges in UAE to apply for a secondary listing in Hong Kong.