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DEBT-
Turkey renews EUR 176 mn green loan: Emirates NBD Capital — the investment banking arm of Emirates NBD — acted as sustainability coordinator and acting agent on the renewal of a sustainability-linked EUR 176 mn loan for Dutch-based ING Bank ’s Turkish unit, according to a press release. The 367-day loan — which it raised from a syndicate of 31 banks across 18 different countries — is a renewal of an existing facility and marks ING Türkiye’s fourth sustainability-linked syndicated loan. The renewal attracted demand 2.5x its initial target.
The details: The loan will be used for general trade finance purposes, with pricing set at 2.50% above the secured overnight interest rate for loans in USD, and 2.25% above the Euro Interbank Offered Rate for the EUR-denominated loans. The loan includes sustainability performance criteria, allowing for improved pricing if ING Türkiye meets targets for green and social loans, including asset generation and improvement in its Organization Health Index score.
OTHER ADVISORS- ING Bank NV will support the UAE bank as the second sustainability coordinator.
TECH-
#1- Geospatial services provider Bayanat plans to enter a joint venture with South Korean autonomous driving startup Autonomous A2z to develop autonomous systems and vehicles for passenger transport in the UAE and MENA region, according to a statement. The two companies will also explore use cases beyond public transport, the statement added. The statement did not disclose the financial details for the partnership or a shareholder ownership breakdown.
Background: The two companies first partnered to demonstrate remote control of a vehicle 7k km away at DriftX this year.
#2- Open Innovation AI to use AMD’s GPUs: Abu Dhabi’s Open Innovation AI has teamed up with US chipmaker AMD to integrate the latter’s Instinct graphics processing units in the development of its AI orchestration platform, according to a statement picked up by Zawya.
BUSINESS-
#1- The Sharjah Chamber of Commerce and the Chamber of Commerce and Industry of Tunis explored ways to boost cooperation between the private sectors of each city, particularly in the exchange of economic data, investments, and events, Wam reports. The delegation invited Tunisian firms to participate in Sharjah’s next Acres conference in 2025.
#2- Abu Dhabi’s Youth Business Council is now live: The Abu Dhabi Chamber of Commerce and Industry has launched the Abu Dhabi Youth Business Council, aimed at supporting young Emirati entrepreneurs and boosting their engagement within the emirate’s private sector, Wam reports. The council’s board will include 18 young entrepreneurs and will be headed by Mansour Abduljabbar Al Sayegh, who was appointed as its president.
INFRASTRUCTURE-
Sheikh Mohammed bin Zayed’s Exit 55 expanded: Exit 55 at Sheikh Mohammed bin Zayed Road in Dubai, which leads to Al Rebat Street, saw the addition of a third lane under a 600 m widening project carried out by the Roads and Transport Authority, according to a statement from the Dubai Media Office. The expansion is estimated to increase vehicle capacity at the exit from 3k to 4.5k cars per hour and cut travel time from the road to Al Rebat Street by 60% to 4 minutes.
PHARMA-
Dubai-based healthcare company Pharma 1 Drug Store obtained exclusive commercialization rights for FDA-approved contraceptive gel Phexxi in the Middle East under a license and supply agreement it signed with US manufacturer Evofem Biosciences, according to a statement from the latter. Pharma 1 Drug Store will apply for regulatory approval of Phexxi in the UAE in the “very near future,” CEO Abdulwahab Atfahsaid, adding that it will hit shelves immediately after approval is obtained. The pharma firm will be able to sell it in Kuwait, Saudi Arabia, Qatar, and other unspecified countries in the region.
AVIATION-
Air India Express adds a new route to Abu Dhabi: Indian budget airline Air India Express has launched a new route from Bengaluru to Abu Dhabi, where it will run four weekly flights on Tuesdays, Thursdays, Saturdays, and Sundays, according to Gulf News.
RETAIL-
The world’s first Black+Decker retail store just opened in Dubai at Al Ghurair Center, according to a statement picked up by Zawya. The US home appliances giant is looking to launch more stores in the west of Dubai before expanding into Abu Dhabi, Mustafa Riaz, CEO of Black+Decker’s UAE partner Al Wifaq General Trading, said.
COMMODITIES-
Abu Dhabi launches platform for food security data: The Abu Dhabi Agriculture and Food Safety Authority launched a platform to track data on agricultural production and strategic food reserves and waste, the Abu Dhabi Media Office stated. The platform also provides insights on supply and demand levels and forecasts on potential changes in food prices, production levels, and environmental threats.
TELECOMS-
Moody’s affirmed e&’s Aa3 long-term rating with a stable outlook, citing its strong market position, robust financials and strategic global expansion, Al Bayan reports.
TAX-
The Federal Tax Authority has launched a training program for qualified tax experts, Wam reports. The program targets Federal Tax Authority staff, university students and graduates, and tax specialists, aiming to employ skilled aspirants in tax administrations.
FINTECH-
Dubai-based fintech company Quantix, an AstraTech subsidiary, will be able to offer loans after receiving the first Finance Company License from the CBUAE, Wam reports. The license enables Quantix to provide microfinancing and retail financing services through its digital platforms, including personal loans, short-term credit, vehicle loans, BNPL, RNPL (Rent Now, Pay Later),and SNPL (Send Now, Pay Later).
Background: The CBUAE introduced regulations for short-term credit in January requiring BNPL providers to apply for a finance company license, and implementing a cap on credit lines and fees.
BANKING-
The National Bank of Ras Al Khaimah’s (Rakbank) USD 600 mn social bond issuance received a Baa1 rating with a stable outlook from Moody’s, according to a disclosure (pdf).
BACKGROUND- Rakbank issued the first-ever public social bond in the GCC — a USD 600 mn, five-year EUR Medium-Term Note bond — under its Social Finance Framework. The issuance was 3x oversubscribed and received a BBB+ senior unsecured long term rating from Fitch Ratings.
