#Saudi Mall Operator Taps Rothschild Ahead of Sukuk Repayment - Bloomberg

Saudi Mall Operator Taps Rothschild Ahead of Sukuk Repayment - Bloomberg

Saudi Arabia’s largest mall operator has hired Rothschild & Co. to advise on potential funding options ahead of a sukuk repayment next year.

Cenomi Centers, formerly known as Arabian Centres Company, is working with the investment bank to evaluate financing strategies, including potential debt and equity options, according to people familiar with the matter, who asked not to be identified because the discussions are private.

Rothschild declined to comment. Cenomi Centers didn’t respond to multiple requests for comment.

The move follows a report by S&P Global Ratings last month, which lowered Cenomi’s credit score further into non-investment grade amid a rise in receivables from related parties. One factor was a delayed payment plan from Alhokair Fashion Retail, a major tenant in the Cenomi malls. The payment plan was scheduled to start in the first quarter but was eventually postponed, according to the report.

The rating agency said potential risks over the refinancing of the $875 million sukuk due in October 2026 are “manageable” but if the plan isn’t completed over the next few months liquidity could deteriorate.

The sukuk dropped around 1.7 cents to 95.83 cents on the dollar after Bloomberg reported the adviser appointment, according to price data.

#UAE's Masdar, Iberdrola invest 5.2 billion euros in UK wind farm | Reuters

UAE's Masdar, Iberdrola invest 5.2 billion euros in UK wind farm | Reuters

Abu Dhabi's state-owned renewable energy company Masdar and Iberdrola will invest 5.2 billion euros ($6.1 billion) in an offshore wind farm in Britain, they said on Thursday.

Under the agreement, Masdar and Iberdrola will each hold a 50% stake in the 1.4 gigawatt project, East Anglia THREE, they said in a joint statement, adding they were looking for other opportunities in clean energy.

Masdar is expanding into several countries in Europe, as well as in Asia and the United States, as parent company TAQA (TAQA.AD), opens new tab, which holds a 43% stake, seeks to boost its capacity to 150 gigawatts by 2030.

East Anglia THREE, located off Britain's Suffolk coast, is expected to start operations in the final quarter of 2026 and help power 1.3 million homes.

CEO Mohamed Jameel Al Ramahi said the project showed how cross-border partnerships can deliver "transformative impact at scale."

Separately, the two companies said a 476 megawatt offshore wind farm project in Germany had been completed and connected to the power grid.

Masdar also has Abu Dhabi sovereign wealth fund Mubadala and UAE state oil company ADNOC among its shareholders.

It has invested in other renewable energy projects in the United Kingdom, such as the Dogger Bank South offshore wind project in the North Sea.

It has also invested about $200 million to buy a 49.9% stake in a solar portfolio controlled by Spanish power utility Endesa (ELE.MC), opens new tab, and last year acquired Greece's Terna Energy, Spain's Saeta Yield and a 50% stake in U.S. renewable energy firm Terra-Gen.

Gulf stocks steady as investors await clarity on US trade policies | Reuters

Gulf stocks steady as investors await clarity on US trade policies | Reuters

Gulf stocks ended Thursday's session largely unchanged as investors sought further clarity on U.S. trade policy following President Donald Trump's latest tariff threats.

Trump intensified his tariff campaign on Wednesday, announcing a 50% duty on U.S. copper imports and a 50% tariff on Brazilian goods, both effective August 1.

He also issued new tariff notices targeting seven smaller trade partners, adding to 14 others announced earlier this week.

Saudi Arabia's benchmark index (.TASI), opens new tab ended flat in a quiet session as mixed sector performance kept the market subdued ahead of key earnings.

However, the Saudi index eked out a weekly gain of 0.3%, marking its third consecutive weekly increase.

Hani Abuagla, Senior Market Analyst at XTB MENA, said he expects robust second-quarter earnings to help the market's ongoing recovery, providing crucial support for the upward trend.

Meanwhile, Saudi Aramco (2222.SE), opens new tab gained 0.6%.

The oil giant is in talks with U.S.-based Commonwealth LNG to purchase liquefied natural gas from its proposed facility in Cameron, Louisiana, as it seeks to strengthen its position in the global LNG market.

Dubai's index (.DFMGI), opens new tab edged 0.1% lower, easing from a 17-year high, with leading lender Emirates NBD (ENBD.DU), opens new tab declining 0.6%.

In contrast, Drake & Scull International (DSI.DU), opens new tab jumped around 9%. Earlier this week, the contractor launched its first self-owned commercial project in Dubai.

Abu Dhabi's index (.FTFADGI), opens new tab closed flat.

Both UAE markets remained on track for further gains in the coming weeks, supported by solid fundamentals, according to Abuagla.

Gulf's AI-related stocks, Space42 (SPACE42.AD), opens new tab and Presight AI (PRESIGHT.AD), opens new tab gained 3.3% and 7.3% respectively, mirroring global peers in riding optimism after AI chip giant Nvidia (NVDA.O), opens new tab became the first company in history to reach a $4 trillion valuation.

The Qatar stock index (.QSI), opens new tab finished flat as gains in industrial shares were offset by losses in the banking sector.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.5%, with Commercial International Bank (COMI.CA), opens new tab advancing 1.1%.

Egypt's core inflation was 11.4% on an annual basis in June, down from 13.1% in May, the central bank said on Wednesday.