Nasdaq Dubai welcomes the listing of a USD 300 million Sukuk by Sobha Realty, one of the region’s largest real estate developers. The Islamic issuance listing introduces a new dimension to the GCC sub-investment grade Sukuk market by becoming the first of its kind to include a call feature. The Sukuk, which has a tenor of five years, offers investors an attractive annual profit rate of 8.75%, which is payable semi-annually. With this listing, Dubai further solidifies its position as a leading hub for regional and international debt listings, reaching a total value of USD 117 billion and reinforcing its…
Author: Kasun Illankoon
Out of all equipment categories sold at Ritchie Bros.’ June auction in Dubai, excavators again proved to be among the most popular items to sell. This equipment category saw a 17 per cent increase in inventory sold compared to the company’s March auction. Appetite to buy equipment remained steady at the internationally attended auction, with wheel loaders, crawler tractors, forklifts and backhoes performing particularly strongly. The online auction featured over 1,200 pieces of machinery, trucks, vehicles and other items, and attracted bidders from around the world. “Our online timed auctions make it easy and fun to join. We had 970…
Arada has launched Saro, the seventh and final phase of Masaar, the mega-residential woodland project in the Al Suyoh district of New Sharjah. The release of the last 597 homes comes as investor interest in the nature-inspired homes and award-winning master plan of the project has risen strongly, with 813 villas and townhouses valued at AED2.34 billion sold in Masaar in the first half of 2023 alone. The Saro district consists of idyllic two, three, and four-bedroom townhouses and premium four, five and six-bedroom villas including upmarket Saro Forest Signature Villas. Smart features come as standard at every Saro home,…
Leading UAE-based IT smart Facilities Management (FM) solutions company HITEK, part of the Farnek group of companies, has launched Security Plus, a new and innovative mobile application that supports manned security services. The bespoke app, which was developed by HITEK’s in-house experts, allows the company to connect guards from multiple sites so they can be supported via a centralised communication platform. Through its ‘Rover Observation’ feature, the app captures real time information from customer facilities where security guards are carrying out their regular patrol inspections, and it also enables them to report, in detail, any incidents immediately to HITEK’s control…
Recently appointed Managing Director of award-winning integrated facilities management organization, Nigel Wright, has outlined an ambitious five-year digital transformation and growth plan to further expand the company’s footprint across Saudi Arabia. With over 25 years’ experience in the facilities management sector, Wright will lead the Kingdom-wide operations, vision and growth strategies for the prominent integrated facilities management company, a division of Saudi-owned diversified services group, Alturki Holding. In addition to being a qualified electrical mechanic, Wright also holds a postgraduate certificate in business administration and brings over two decades of industry experience to Musanadah. He previously held positions as IFM…
The African Export-Import Bank (Afreximbank) in Nairobi has announced the provision of a financing facility worth $120 million to Djibouti’s Great Horn Investment Holding (GHIH). This funding will be used for a series of development projects within Djibouti’s Damerjog Industrial Development Free Trade Zone. The announcement of this deal took place during a meeting between Afreximbank President Prof. Benedict Oramah and Djibouti President Omar Guelleh, which occurred alongside the African Union Summit. The total funding for the free trade zone amounts to $155 million, with an additional $35 million being provided by Djibouti’s Banque pour le Commerce et l’Industrie Mer…
The Meydan Group, a leading UAE conglomerate, and SirajPower, the UAE’s leading distributed solar energy provider in the region, have signed a strategic partnership to install a 1.2MWp solar rooftop system at the renowned The Meydan Hotel in Nad Al Sheba, Dubai. The innovative solar solution will generate 2.1GWh of clean energy annually, which is equivalent to fully charging over 110 million smartphones, and will reduce the hotel’s dependence on non-renewable energy sources. As tourism accounts for 5% of global greenhouse gas emissions, the hospitality industry must explore sustainable alternatives and leverage new technologies to achieve net-zero status. With the…
ACWA Power, a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition, today signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) to allocate land for a 10 GW wind project in Egypt. The agreement was signed at the headquarters of the Council of Ministers in the new city of El Alamein, between Dr. Mohamed El Khayat, Chairman of NREA, and Eng. Hassan Amin, Country Director – Egypt, ACWA Power. The signing ceremony took place in the presence of the H.E. Dr.…
R.evolution, a global award-winning European luxury real estate developer has launched its first residential project in the UAE, Eywa, a revolutionary next-generation development that will redefine the future of urban living in Dubai. A truly boutique residential development that is LEED Platinum, WELL Platinum, and HealthTechPro certified, Eywa features a selection of 48 exclusive 2 to 5-bedroom waterfront residences with sizes ranging from 3,064 to 16,256 square feet. Nestled on the banks of the Dubai Water Canal, it offers a combination of magnificent views of the water and Downtown Dubai with the Burj Khalifa. Inspired by the sacred Banyan tree…
Sobha Realty, one of the UAE’s leading luxury real estate property developers, and committed to redefining the art of living through sustainable communities, announced the pre-launch of Sobha SeaHaven – Tower B at the heart of Dubai Harbour. The new tower offers stunning views of Palm Jumeirah, Burj Al Arab and Ain Dubai. The new tower offers mesmerising views of the sea, city skyline from its 10th to 30th floor. The sleek form and sail-inspired design of SeaHaven tower give the impression of mobility against the background of the sea. It draws inspiration from the graceful superyachts, whose fluid lines…