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TRADE-
Fitch upgraded Abu Dhabi Ports’(AD Ports) credit rating from A+ to AA- with a stable outlook, the ratings agency said. The rating agency also assigned an AA- rating with a stable outlook to AD Port’s Euro Medium-Term Note bonds and its USD 1 bn 2031 senior unsecured bonds.
DEBT-
#1- Dubai Islamic Bank (DIB) listed its USD 1 bn sustainable sukuk on Nasdaq Dubai yesterday, according to a bourse filing. The sukuk have an average yield of 5.243% and a maturity of 5 years.
ICYMI- DIB’s USD sustainable sukuk was 2.5x oversubscribed: DIB launched its five-year USD 1 bn sustainable sukuk last Thursday, receiving USD 2.5 bn worth of orders. DIB achieved its lowest credit spread on the sustainable sukuk, positioning the lender among a select few in the Middle East below the threshold of 100 bps above US treasuries for senior issuances.
#2- Emirati lenders working on Al Rajhi’s Islamic bond sale: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and FAB are among the banks acting as joint lead managers and bookrunners for Saudi Islamic lender Al Rajhi Bank on their USD-denominated five-year sustainable sukuk issuance, according to Reuters. The benchmark-sized debt will be issued under the bank’s USD 4 bn Trust Certificate Issuance Program. Al Rajhi held the investor meetings for the Islamic bond sale yesterday after appointing banks to advise on the issuance.
HEALTHCARE-
Burjeel expands in Saudi Arabia: ADX-listed healthcare services provider Burjeel Holdings inaugurated eight new PhysioTherabia centers in Riyadh, Jeddah, Dammam, Al Khobar, and Yanbu, according to the company’s statement. The centers offer physical therapy treatment including musculoskeletal, pediatric, and sports injury rehabilitation. Burjeel is partnering with Saudi Arabian ins. company Tawuniya to reach a broader clientele.
FINANCE-
New hedge fund sets up shop in Dubai: Multi-asset hedge fund Emerge Funds Investments launched its office in Dubai after obtaining a license from the Securities and Commodities Authority, Emarat Al Youm reports. Emerge is the latest hedge fund to set up a regional office in the UAE, following asset management firm Kirkoswald and Chinese private equity fund CMC Capital Partners establishing offices in Abu Dhabi Global Market.
MINERALS-
The World Gold Council (WGC) and Dubai Multi Commodities Center will conduct gold market research and address industry challenges as per an MoU the two signed to advance the UAE’s gold industry, according to a WGC statement from yesterday. The agreement will also see the two provide annual training for bullion industry professionals and engage with bullion banks, and deploy retail gold investment principles. As part of the partnership, WGC also inaugurated its regional HQ in the Dubai-based freezone.
M&A-
Adia acquires stake in Indian airline: Abu Dhabi Investment Authority (Adia) reportedly purchased an undisclosed number of shares in Indian budget airline SpiceJet from the open market, Indian financial newspaper Business Standard reports, citing a SpiceJet official. The sovereign wealth fund reportedly started acquiring shares in the airline in late February. No other details were disclosed regarding the transaction.
AGRICULTURE-
#1- Food tech company Greeneration launched in Dubai’s Industrial City, introducing over 70 rare, locally produced crops utilizing hydroponic and AI technologies, according to a press release. The company aims to supply zero-pesticide produce to 1.2k restaurants, as well as expand into medicinal herbs and berries. They also introduced the Greeneration Academy offering over 100 hours of online sustainability education for schools and universities.
#2- Dubai launches program supporting Emirati farmers: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the Dubai Farms program, a technically advanced support system for Emirati farmers, Wam reports.
What the program offers: The program will offer farming consultation services, subsidized supplies, mandatory lab testing, and pest control services. It also features the establishment of a farmers’ association, the Smart Farming Platform, and a strategic partnership with GMG for marketing and selling farmers’ products.
BUSINESS-
The Economy Ministry and the European Women Associationlaunched the Investment Readiness Acceleration program focusing on assisting women-led startups with vital skills to navigate new sectors, secure funding, and articulate visions to investors, Wam reports.
EDUCATION-
Emirates National Schools and the Rochester Institute of Technology in Dubai signed an MoU aiming to enhance educational opportunities through academic exchange, innovative programs, and training initiatives for students and teachers, Wam reports.
