COP 28 host UAE ready for rising heat risk, says minister
The United Arab Emirates is ready for soaring temperatures that are feared to make parts of the Gulf uninhabitable by the end of the century, the oil power’s climate change minister told AFP. Long experience of the harsh desert summers has taught the country to live with temperatures that regularly flirt with 50 degrees Celsius […]
ADJD released 82,000 electronic judicial rulings through publication since 2020
The Abu Dhabi Judicial Department (ADJD) released over 82,000 judicial rulings on its website between 2020 and the third quarter of 2023 to promote legal and cognitive awareness in society, ensure the integrity and transparency of court rulings, and strengthen Abu Dhabi’s position in the Rule of Law Index. The Judicial Department emphasised that making […]
Bank of Sharjah leads $350mln sukuk issuance for Ittihad
Bank of Sharjah acted as a joint lead manager and bookrunner in a $350 million Sukuk issuance for UAE-based Ittihad International Investment LLC, according to a press release. The listed lender participated in the 144A/Reg S senior unsecured sukuk transaction alongside other international and regional banks. Mohamed Khadiri, CEO of Bank of Sharjah, commented: “Our […]
EWEC opens Q4 2023 Clean Energy Certificates auction
Emirates Water and Electricity Company (EWEC) today announced that it will conduct its Q4 2023 auction for Clean Energy Certificates (CECs) in Abu Dhabi, with registration now open and the auction closing on 14th December 2023. Introduced by the Abu Dhabi Department of Energy (DoE), CECs are currently the only accredited instruments in Abu Dhabi […]
Saudi: Osool and Bakheet Investment’s Chairman resigns
Abdulwahab Abdulkarim Albetari resigned from his position as the Chairman of Osool and Bakheet Investment Company due to personal reasons. The board members accepted Albetari’s resignation on 23 November, yet it became effective on 26 November 2023, according to a bourse filing. Earlier this month, the company floated 1.50 million shares on the Parallel Market […]
Saudi companies Retal, JABEEN sign $320mln contract to develop housing units in Jubail
Saudi’s Retal Urban Development Company announced on Monday that it has signed an agreement with Jubail and Yanbu Industrial Cities Services Co. (JABEEN), the investment arm of the Royal Commission for Jubail and Yanbu (RCJY), to develop primary and secondary infrastructure works and to design and construct 897 residential units in Jubail Industrial City. The […]
Saudi Exchange begins trading single stock options contract today
The Saudi stock exchange Tadawul will begin trading single stock options (SSO) on Monday where investors can trade SSOs on four listed stocks as their underlying assets. The first tranche of SSOs have the stocks of Aramco, Al Rajhi Bank, Saudi Telecommunication Company (STC), and SABIC as underlying assets, the exchange said on its website. […]
Jabal Omar completes redemption of $135mln sukuk
Jabal Omar Development Company has fully redeemed its Sukuk at an aggregated value of $135 million, according to a bourse disclosure. The listed firm pointed out that the value of the redeemed Sukuk reached $67.50 million, adding that the percentage of the transaction hit 50%. Issued on 15 November 2018, a total of 337.50 Sukuk […]
Foster + Partners wins contest to design new Abha airport terminal
British architectural firm Foster + Partners has won an international competition to design a new terminal for Abha Airport in Saudi Arabia’s Aseer region. Inspired by the nearby Rijal Almaa village, the winning design reinvents the airport terminal as a series of interconnected human-scale clusters, outdoor courtyards and walkways, said a statement from Foster + […]
Saudi Arabia’s trade surplus jumps 27.5%, reaching $11.73bln in September
Saudi Arabia’s trade surplus recorded an increase for the second month in a row, reaching SR44 billion ($11.66 billion) in September 2023, according to the latest figures released on Thursday by the General Authority for Statistics (GASTAT). This marked an increase of 27.5 percent, compared to the surplus in August, when it reached SR34.31 billion, […]