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DEBT WATCH-
#1- IHC maritime subsidiary Al Seer Marine secured USD 80 mn in financing from China’s Bocom Financial Leasing for its newly delivered medium range tankers, Betelgeuse and Bellatrix, according to a press release (pdf). It’s the first time Al Seer has lined up funding from outside the UAE. The two tankers are designed for alternative fuels, including liquefied natural gas, ammonia, and methanol.
#2- Adani Green Energy’s subsidiary Hybrid G1 is scrapping plans to sell a USD 1.2 bn bond, Reuters reports, citing unnamed sources who said Hybrid G1 was unhappy with the yield demanded by prospective buyers. Emirates NBD and FAB were mandated bookrunners, a press release had said.
AVIATION-
Emirates taps Airbus and Boeing for new freighter order: Emirates is in talks with Airbus and Boeing to acquire freighter versions of the A350 and 777X as it plans to triple its cargo fleet to 35 planes by 2030, senior vice president Nadeem Sultan told The National. Although the size of the order is still undecided, the airline expects to make a decision on the investment ticket within weeks.
Expanding its fleet: Emirates currently boasts a fleet of Boeing 777 freighters, with several of them on lease. The airline announced a freighter aircraft order in July to replace some of the expiring leases.
Despite the woes: The decision is being taken despite delays in Boeing 777X’s programme and Rolls-Royce engine durability issues on the A350s.
ENERGY-
A step forward for Masdar’s Baltic Eagle wind farm: Masdar and Spanish renewable energy outfit Iberdrola have completed the installation of all 50 wind turbines at the Baltic Eagle offshore wind farm in the German Baltic Sea, according to a statement. The turbines — supplied by wind energy company Vestas — have a total capacity of 476 MW.
BACKGROUND- Masdar closed EUR 488 mn in funding back in March to secure its acquisition of 49% of the Baltic Eagle wind farm. It’s set to start operations by the end of this year.
BANKING-
#1- Mashreq and Oracle expand partnership: Our friends at Mashreq are migrating key databases to Oracle’s Exadata Cloud@Customer to boost operational efficiency and scalability as they expand globally in markets like the US, UK, and Hong Kong, according to a press release.
#2- Turkey’s Ziraat Bank has started operations at its new office in the Dubai International Financial Centre (DIFC), according to a press release.
PLANET STARTUP-
Local fintech firm Abhi lined up USD 15 mn in debt financing from a group led by Abu Dhabi-based VC Shorooq Partners and Dubai-based Amplify Growth Partnership, Zawya reports. Abhi will use the funding to scale its operations and expand its earned wage access (EWA) solutions, which allow blue-and-white-collar workers to access a portion of their accrued wages ahead of payroll.
CAPITAL MARKETS-
ADX, Adib Securities to develop new digital onboarding platform for investors: Abu Dhabi Securities Exchange (ADX) inked an MoU with Abu Dhabi Islamic Bank’s (Adib) brokerage, Adib Securities, to develop a new digital onboarding platform for investors, Wam reports. The platform will integrate the process of obtaining a National Investor Number and accessing trading account APIs directly within Adib Securities’ mobile app, eliminating the need for manual paperwork. The initiative aims to enhance investor access to ADX-listed companies.
LOGISTICS-
#1- DHL Supply Chains expands to UAE: Freight forwarding giant DHL is launching DHL Supply Chain in the UAE through a strategic transfer of specific business operations from DHL Global Forwarding, according to a statement. DHL will offer warehousing, fulfillment, and aftermarket services and is targeting industries including tech, automotive, aviation, energy, manufacturing and e-commerce.
#2- DP World has taken delivery of 47k branded TEUs, according to a statement, saying the new containers will allow it to be more flexible in reacting to changes in demand across the supply chain.
CONSTRUCTION-
Dubai-based real estate developer Source of Fate Properties broke ground on its luxury residential project Sunshine Bay on Ras Al Khaimah’s Al Marjan Island, according to a press release. The 12-storey, 240-unit development is slated for completion in 2027.
Source of Fate has more in the pipeline: The company has a pipeline worth over AED 10 bn, with plans to roll out five new projects — two in Dubai and three on Al Marjan Island. Source of Fate said the new projects will be unveiled over the next 12 months.
ENTERTAINMENT-
Expo City Dubai will work with Ticketmaster to increase the international reach of Expo City’s events, Wam reports. Ticketmaster will streamline Expo City’s ticketing, starting from the entertainment events for Al Wasl Weekends on 1 November.
