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DEBT-
#1- FAB India advances loan for Uzbek solar plant: First Abu Dhabi Bank’s India office advanced an INR 2.96 bn (c. AED 129.9 mn) credit facility to India-based renewables firm Jakson Green for a 250 MW solar plant in Bukhara, Uzbekistan, the Economic Times reports. This is the company’s first renewables project in Uzbekistan and includes a 63 MW battery energy storage system.
#2- Dubai Islamic Bank took the leading role in financing a USD 3.25 bn sustainability-linked loan for Gems Education, facilitating asset manager Brookefield’s acquisition of a majority stake in the Dubai-based school operator, it said in a press release. The lender committed to over 50% of the financing transaction — one of its largest private-sector commitments — with the underwriting consortium also seeing participation from our friends at Mashreq and First Abu Dhabi Bank, as well as Abu Dhabi Commercial Bank. The financing allowed Gems to refinance its existing debt.
MANUFACTURING-
#1- Dubai Chambers teams up with SGS Gulf to boost Emirati exports: Dubai Chambers has inked an MoU with the Gulf arm of Swiss inspection and certification company SGS to ensure local companies’ exports comply with the test, inspection, and compliance standards enforced in 176 countries, a move which aims to boost Emirati exports to global markets, according to a statement from the Dubai Media Office.
IN CONTEXT- The agreement is part of Dubai Chambers’ Global Partnership Program, which seeks to attract foreign investments and support the expansion of local companies offshore.
#2- Zero Gravity is now the sole distributor for Optical Control Systems: Abu Dhabi-based IT solutions provider Zero Gravity signed an agreement with Optical Control Systems (OCS) to be the exclusive distributor of the German company’s products in the UAE, Al Bayan reports. OCS provides quality control systems for the polymer and petrochemical industries.
TELECOMS-
TruDoc to get e& enterprise’s CPaaS solution: Dubai-based telehealth company TruDoc will implement e& enterprise’s communications platform as a service (CPaaS) solution engageX per an agreement they signed on Monday, according to a statement from TruDoc. The move seeks to improve TruDoc’s customer service by integrating the company’s multiple communication channels — including voice, chat, email, and video — into a unified platform.
INFRASTRUCTURE-
Dubai commissioned eight substations in 1H 2024: The Dubai Electricity and Water Authority (Dewa) commissioned eight 132 kV transmission substations with the cost of AED 1.36 bn in 1H 2024, along with the installation of 89 km of ground cables to support the substations, according to the Dubai Media Office. The substations have a total conversion capacity of 1.2k megavolt-amperes, and will be connected to the main electricity grid after Dewa awarded AED 176 mn in contracts to lay an additional 25 km of ground cables.
There’s more in the pipeline: Dubai has 31 more 132 kV substations under construction, with plans to issue tenders for over 50 more within the next three years and financial proposals being reviewed for six more currently, Executive Vice President Hussein Lootah said, adding that 350 km of ground cables will also be added. The number of transmission substations in the emirate stood at 382 as of June 2024.
BANKING-
Rakbank USD 600 mn issuance rated BBB+: Fitch Ratings assigned the National Bank of Ras Al Khaimah’s (Rakbank) USD 600 mn social bond issuance a BBB+ senior unsecured long term rating, according to a disclosure (pdf).
REMEMBER- RAKBank issued the first-ever public social bond in the GCC last week — a USD 600 mn, five-year EUR Medium-Term Note bond — under its Social Finance Framework. The issuance was 3x oversubscribed.
AVIATION-
Budget carrier Air Arabia added the Maldives to its destination network, launching daily non-stop flights between Sharjah and the islands starting 27 October, according to a statement.
