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DEBT-
Pearl Petroleum launches USD 350 mn bonds: Pearl Petroleum — a consortium comprising five companies, including Dana Gas and Crescent Petroleum — issued 3.5-year USD 350 mn senior secured bonds, priced at par with a 13% coupon, according to a press release. The hydrocarbon producer, which operates in the Kurdistan Region of Iraq, plans to use the proceeds for development and debt servicing, with any surplus directed toward general corporate purposes following the commissioning of the Khor Mor 250 expansion project.
ICYMI- Pearl appointed Norway’s DNB Markets and Pareto Securities AS as joint lead managers and bookrunners for the issuance earlier this week. The company had planned to issue USD 350 mn bonds in 2019, but later reportedly scrapped the issuance on slow demand.
INFRASTRUCTURE-
Adnoc to work on urban planning, infrastructure digitization: Adnoc and Abu Dhabi’s Department of Municipalities and Transport (DMT) partnered to explore developing a shared service model to for sectors like urban planning, infrastructure, system standardization, and business support services, according to the Abu Dhabi Media Office.
AI-
Arabic language technology company Tarjama launched an advanced Arabic large language model (LLM) tailored for enterprise use, dubbed Pronoia, according to a press release. The LLM aims to enhance Arabic AI capabilities by providing improved accuracy and contextual understanding in various sectors, including legal, medical, and business applications.
TELECOMS-
Telco du inaugurated the du Innovation Center at its Dubai Hills headquarters, focusing on exploring and developing 5G technology to ramp up network performance, Wam reports. The new center offers both consumers and enterprises 5G Advanced and AI-powered services, including high-speed fixed wireless access, advanced gaming, smart network services, private 5G for mobile, and integrated commercial applications.
REAL ESTATE-
#1- Real estate firm Pantheon Development is acquiring land from Marjan subsidiary RAK Central to develop a project at its mixed-use destination, according to a press release. The project will include residential apartments, offices, and hotel apartments, with completion expected by 1Q 2029.
#2- Dubai-based developer Sweid & Sweid has completed its US AED 275 mn industrial real estate project, RP10, according to a press release. The industrial development is located in Southeast Atlanta and covers 825k sq-ft of land and was finished on time.
SUSTAINABILITY-
The UAE launched a sustainability-focused program as part of the World Economic Forum’s Climate Governance Initiative, dubbed Chapter Zero UAE,, Wam reports. The initiative aims to help UAE businesses manage climate risks by embedding climate governance directly into corporate decision-making processes.
