Aldar Properties has successfully raised $1 billion through its first-ever hybrid capital issuance, marking the largest conventional hybrid issuance in the Middle East. The offering attracted significant interest from both regional and international investors, with total orders exceeding $4.9 billion—an oversubscription of 3.8 times. This groundbreaking move strengthens Aldar’s capital structure by introducing a hybrid...
Sharjah Police has launched a groundbreaking remote vehicle testing service, making it the first of its kind in the UAE. Starting January 8, 2025, motorists in Sharjah can now test their vehicles without visiting a testing center, thanks to this smart service available on the Rafid app. According to Gulf Today, Colonel Khalid Mohammed Al...
Dubai Civil Aviation Authority (DCAA) has partnered with the Ports, Customs, and Free Zone Corporation (PCFC) to enhance the performance of the emirate’s aviation sector. The two entities signed a Memorandum of Understanding (MOU) aimed at improving safety, sustainability, and infrastructure in line with the UAE’s vision for a thriving aviation industry. The agreement was...
The UAE is making final preparations for the launch of MBZ-SAT, its advanced Earth-observation satellite, scheduled for later this month. Named after President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the satellite highlights the nation’s growing achievements in space exploration. MBZ-SAT, fully developed by Emirati engineers at the Mohammed Bin Rashid Space Centre (MBRSC),...
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Supreme Space Council, attended the signing of a major agreement for the Emirates Mission to the Asteroid Belt (EMA). The deal focuses on developing a lander that will explore the asteroid Justitia, the seventh and final target of the...
Airline ticket prices have dropped by more than 47% for some major destinations, according to travel industry officials. The significant decrease comes after a sharp rise of up to 100% during the New Year and holiday season, as demand for travel has slowed following the end of the first semester break and holiday period. Salah...
FAB Sukuk Company, a unit of First Abu Dhabi Bank (FAB), has finalized pricing for its $600 million five-year sukuk, set to be issued on the London Stock Exchange next week. The sukuk, part of a $5 billion trust certificate program, has seen strong interest, with an order book reaching $1.2 billion. The profit rate...
Dubai-listed investment bank Shuaa Capital has sold its stake in a Saudi hospitality portfolio as part of its strategy to streamline investments and reduce liabilities. The portfolio, managed by Shuaa Capital Saudi Arabia, included three properties located in Riyadh, Jeddah, and Dammam. Shuaa, which owned a 33% stake in the portfolio, finalized the sale to...
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has invested $200 million in the first internationally listed exchange-traded fund (ETF) centered on Saudi Arabia. The fund, known as the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF, is managed by State Street Global Advisors. The announcement was made during a bell-ringing ceremony...
Abu Dhabi Global Market (ADGM) firms will be allowed to hire remote workers starting April 1 under new employment regulations issued by the ADGM Registration Authority (RA). The updated rules aim to provide clearer guidelines for employers and employees, focusing on flexibility and adaptability in the workplace. The new regulations expand the definition of an...