Nigeria Secures $1.2 Billion #UAE Loan to Build Coastal Highway - Bloomberg

Nigeria Secures $1.2 Billion UAE Loan to Build Coastal Highway - Bloomberg

Nigeria secured about $1.2 billion in funding from the United Arab Emirates to help build part of a new freeway, the West African nation’s presidency announced Friday.

The loan will help finance the construction of a 56-kilometer (35-mile) stretch of the flagship Lagos–Calabar Coastal Highway. The freeway is ultimately expected to run for 700 kilometers along Nigeria’s Atlantic coastline, linking several major economic hubs, and will be one of the country’s biggest infrastructure projects to date.

“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” President Bola Tinubu said in an emailed statement. The government will continue to pursue creative financing options to support infrastructure development, he added.

The loan was fully underwritten by First Abu Dhabi Bank, with risk mitigation provided by the Islamic Corporation for the Insurance of Investment and Export Credit. Nigeria secured $747 million in financing for another section of the freeway in July.

#UAE shares slip in thin trade; #Dubai index marks fifth weekly gain | Reuters

UAE shares slip in thin trade; Dubai index marks fifth weekly gain | Reuters

Stock markets in the United Arab Emirates slipped on Friday, but ended the week higher with a rebound in oil prices providing some support even as trades thinned heading into the new year.

Oil prices — a key catalyst for Gulf equities — were little changed on the day. Investors weighed potential supply risks tied to rising geopolitical tensions after the United States carried out airstrikes against Islamic State militants in Nigeria and stepped up economic pressure on Venezuelan oil.

In Abu Dhabi, the index (.FTFADGI), opens new tab ended flat on the day as losses in consumer discretionary and energy stocks offset gains across other sectors. Still, the market rose 0.7% for the week, snapping a weekly losing streak.

Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab fell 0.5% and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab slid 1.5%, while Presight AI Holding (PRESIGHT.AD), opens new tab gained 1.2%. First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, added 0.5%.

"Market saw limited movement today. While the rebound in oil prices this week provided temporary support, the bearish 2026 surplus narrative remains a lingering risk that could weigh on investor sentiment in the coming months", said Joseph Dahrieh, managing principal at Tickmill.

Dubai's benchmark index (.DFMGI), opens new tab shed 0.1%, pressured by declines in financial and consumer discretionary shares, even as it logged its fifth consecutive weekly gain. Dubai Islamic Bank (DISB.DU), opens new tab eased 0.8%, while low-cost carrier Air Arabia (AIRA.DU), opens new tab fell 1.7%.