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DEBT WATCH-
Emirates NBD Capital tapped as joint lead manager and bookrunner on QIIB’s sukuk offering: Qatar International Islamic Bank (QIIB) has appointed Emirates NBD Capital as joint lead manager and bookrunner on its upcoming USD-denominated 5-year senior unsecured sustainable sukuk issuance, according to a Qatar Stock Exchange disclosure. The sukuk, expected to be rated A- by Fitch, is part of the bank’s USD 2 bn Trust Certificate Issuance Program.
Other advisors: Al Rayan Investment (Masraf Al Rayan Group), Dukhan Bank, KFH Capital and QNB Capital were also selected as joint lead managers and bookrunners and will coordinate meetings with global investors, including virtual discussions that began yesterday and in-person fixed income investor meetings in London that will take place today. Standard Chartered Bank was selected as global coordinator.
IPO WATCH-
Saudi Arabia’s Fourth Milling has tapped Emirates NBD Capital to advise on its IPO, Bloomberg reports. Riyad Capital was also tapped to advise on the domestic initial public offering, according to sources with knowledge of the matter. The share sale, which could raise more than USD 200 mn, could take place as soon as 1H 2024, an unnamed source told Bloomberg. UAE-based Himmah Capital was selected in October to advise on the offering.
INFRASTRUCTURE-
Abu Dhabi and Al Ain are set to get new parks and transport projectsworth a combined AED 28 mn, after Abu Dhabi’s department of municipalities and transport inked an agreement with Abu Dhabi’s social development arm Ma’an, according to an Abu Dhabi Media Office statement. The projects include:
- Developing nine community parks worth a combined AED 14.5 mnin several locations across Abu Dhabi;
- Raising some AED 9.1 mn for the development of Al Batha Nature Reserve community park;
- Three projects worth AED 4.4 mn led by the Integrated Transport Center, including rest areas for delivery drivers, boosting the number of taxis for people of determination, and building bus shelters.
HOSPITALITY-
Aleph Hospitality to manage new 110-key hotel in KSA’s Abha: Dubai-based Aleph Hospitality is set to manage Hotel Indigo Abha, a new facility which global hospitality player Intercontinental Hotel Group (IHG) will open in Saudi Arabia’s Abha under a franchise agreement it signed with Firdous Abha Hotel, IHG said in a statement. The new facility is scheduled for opening in December 2025
BANKING-
First Abu Dhabi Bank subsidiary Dubai First has become the first credit card issuer in the region to use Mastercard’s Token Connect technology, which allows customers’ card information to be securely transferred from the Dubai First mobile app to click-to-pay and digital wallets, according to a Mastercard statement. Tokenization technology allows users to manage their cards in a secured profile, easing check-out transactions by replacing a card’s primary account number with a unique alternative token number, the statement reads.
FINANCE-
#1-Less expensive retail spaces, kiosks and shops for businesses, courtesy of Khalifa Fund + Al Mushrif Coop:Khalifa Fund and Al Mushrif Coop inked a strategic partnership to providebusinesses with 25-50% markdowns on retail space, listings and registration fees, as well as 20-40% breaks on kiosks and 15-20% on shop rentals, according to a press release. The press release does not clarify what the criteria is for businesses to qualify for the markdowns, nor if they are capped.
#2-South Africa’sMaleyat Group enters MENA: Dubai-based client introductory services firm MCG Introduction Services will become South African online trading platform Maleyat ’s exclusive partner in the Middle East under a new partnership agreement, according to a press release. The partnership marks Maleyat’s entry into the region, and will see MCG introduce Maleyat’s trading platform to regional clients, the statement said.
#3- Dubai International Financial Centre and Guernsey Finance will cooperate on knowledge transfer and boosting investment flows between the two finance centers, according to a press release. The agreement will also see them work on organizing events and fostering talent development. Guernsey Finance hosts over 20% of the UK FTSE 100 companies in its jurisdiction.
ENVIRONMENT-
AD Ports Group, CMA CGM, and Ecocean willequip Khalifa Port with 48 biohuts to support the health of its coastal ecosystem, reports Wam. The Biohuts will be installed in 1Q 2024 at a new CMA CGM terminal currently under construction. Port locations where marine life needs the most support and regeneration will be targeted, with the project’s pilot phase expected to last five years.
SOUND SMART- Biohuts are eco-friendly, non-toxic submerged structures offering a safe habitat for marine species to thrive.
EDUCATION-
#1-Palms Sports pins AED 282.2 mn contracts for nationwide Jiu-jitsu training:Emirates Schools Establishment (ESE) has awarded ADX-listed sports management company — and long-time partner — Palms Sports two jiu-jitsu program contracts worth AED 282.7 mn, according to a press release.
By the numbers: The first contract, valued at AED 68.7 mn over two and a half years, will fund the extension and expansion of a school jiu-jitsu program at ESE. The second contract worth AED 214 mn involves the comprehensive renewal of programs at 117 schools across Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah.
#2-Khalifa University launches cybersecurity training academy:Khalifa University of Science and Technology and the Cyber Security Council inaugurated the Khalifa University Cybersecurity Academy yesterday to provide training on cybersecurity in both Arabic and English, Wam reports.
AVIATION-
Emirates Skywards and TudoAzul members can now redeem miles across both Emirates and Azul’s networks, after the two airlines launched a reciprocal loyalty program, according to a press release.
FINTECH-
Dubai-based cashback platform Znap has rebranded to Totl under its “service delivery transformation strategy” that looks to modernize the brand, the startup said in a press release.
