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...
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...
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...
Saudi Arabia is set for a surge in initial public offerings (IPOs) over the next two years, with up to 56 new listings expected, according to Al Rajhi Capital. Dr. Sultan Altowaim, Head of Research at Al Rajhi Capital, shared that seven IPOs have already been approved or closed, with two scheduled for listing this...
ADIB Capital Limited, a subsidiary of Abu Dhabi Islamic Bank (ADIB) regulated by the Dubai Financial Services Authority (DFSA), has launched the ADIB European Logistics Fund I. The fund is designed to provide investors access to logistics properties in Germany and Western Europe, focusing on sustainable and ESG-compliant assets. This launch addresses a pressing gap...
Hussain Sajwani, founder of the Damac Group, plans to invest $20 billion in building data centers across the United States. The announcement was made by President-elect Donald Trump during a press conference at his Mar-a-Lago resort in Florida. Sajwani later confirmed the news to Gulf News. The investment will focus on establishing data centers in...
Revibe, a UAE-based startup specializing in guarantee-backed refurbished electronics, has successfully raised $7m in its Series A funding round. The round was co-led by ISAI and Resonance, with additional backing from Kima Ventures and football star Edouard Mendy, Gulf Business reported. Launched less than two years ago, Revibe has quickly made a mark in the...
Saudi Arabia’s ACWA Power has successfully secured $692 million in funding for a major wind power project in Egypt. The funds will be used to develop, build, and operate a 1,100 MW wind power plant in Suez, marking a significant boost for renewable energy in the region. The financing was provided by several international institutions,...
Abu Dhabi’s Mubadala Investment Company has taken the lead as the world’s biggest spender among sovereign wealth funds in 2024. The fund deployed $29.2 billion last year, a sharp increase from $17.5 billion in 2023, according to a report by Global SWF, an industry tracker. This marks a significant shift, as Saudi Arabia’s Public Investment...
Al Buraimi Industrial City, a key part of the Public Establishment for Industrial Estates (Madayn), has signed 16 new investment contracts in the second half of 2024. These agreements bring a total investment value of OMR7.97 million and mark a significant development for the industrial hub. The newly secured projects span a combined area of...