Category: Industry

ABU DHABI: Abdulla Salem Al Nuaimi, the Chief Executive Officer at Abu Dhabi Securities Exchange (ADX), has said that ADX capped off a strong 2023 with impressive achievements and a commitment to innovation.

In statements to the Emirates News Agency (WAM), he added that ADX captured a significant share of the IPO market, namely 50 percent of the Middle East market during the year. This translates to 75 percent of the total IPOs conducted across the GCC countries.

He said that the exchange facilitated 6 successful IPOs with a combined value of AED21 billion, with 3 of them ranking among the top 20 globally. Looking ahead, ADX anticipates the positive IPO trend to continue in 2024.

Al Nuaimi further stated that beyond strong IPO performance, ADX is actively developing its trading mechanisms to expand its service offerings, enhance liquidity, and provide investors with innovative opportunities. The exchange is collaborating with market participants to streamline trading operations and improve infrastructure.
Empowering investors remains a key focus, with ADX aiming to facilitate access to new markets and diverse investment instruments.

ADX is making a name for itself with its innovative approach to financial markets. They recently launched the first-ever bond ETF in the Gulf region, providing investors with a new, low-risk way to enter the fixed-income market.

ADX is also the leading ETF market in the Middle East and North Africa, boasting impressive growth and a diverse range of ETF products. Their focus on investor needs, with options for various risk tolerances and exposure to growing economies, positions ADX as a dynamic and attractive exchange in the financial world.

Source: Emirates News Agency

RIYADH: the “2019-2023 Saudi Arabia Private Equity Report” revealed that the Kingdom had witnessed a remarkable surge in Private Equity (PE) activity, reaching a pinnacle of approximately $4bn in 2023, reported the Saudi Press Agency (SPA).

According to the report published by the venture data platform, MAGNiTT, and sponsored by SVC, the Private Equity landscape has displayed consistent growth since 2020, experiencing a substantial 3.7x rise in 2021 and further catapulting to 5.9x its 2021 level in 2022.

Notably, the composition of PE transactions has undergone significant shifts, particularly with a pronounced emphasis on Buyout transactions. Between 2020 and 2023, Buyout transactions witnessed a notable 20-percentage point increase in their share of the total, while concurrently, Growth transactions saw a growth of 2 percentage points over the same period.

Across the last five years, Buyout transactions have dominated the PE investment landscape, capturing an average of 80% of the total capital deployed
in these transactions. This trajectory underscores the evolving dynamics and the increasing prominence of Private Equity within the Kingdom’s financial ecosystem, reflecting a strategic shift in investment preferences.

The report also revealed that the PE activity in the Kingdom has been characterised by significant transactional diversity and concentration in specific industries over the past five years. Notably, Food and Beverages emerged as the most transacted industries within the PE landscape between 2019 and 2023.

Manufacturing claimed the top spot in terms of total investment, commanding 46% of the capital deployed during this period.

Source: Emirates News Agency

ABU DHABI: The United Arab Emirates, represented by the Ministry of Energy and Infrastructure, participated in the first Buildings and Climate Global Forum 2024, which was recently held in the French capital, Paris.

The forum brought together ministers and officials responsible for decarbonisation and resilience in the construction, real estate, and construction sector for the first time after the COP28 conference.

It was co-organised by France and the United Nations Environment Programme (UNEP), with the support of the Global Alliance for Buildings and Construction.

The Ministry’s participation was represented by attending the first global ministerial segment to endorse a joint ministerial declaration that defines the common principles and cooperation framework for global efforts to achieve the goal of “Near-zero emission and resilient buildings by 2030”. Thus, the UAE announced its joining the international cooperation to decarbonise the building sector and enhance its resilience.

Eng Nusaiba Al Marzouq
i, Director of Studies and Research and Chief Innovation Officer at MoEI, actively participated in the high-level sessions accompanying the forum by highlighting the country’s efforts in developing clear and measurable methodologies to reduce the carbon footprint in the building and construction sector and the mechanism for updating the targets of the Nationally Determined Contributions (NDCs) based on the capabilities of the current situation to be a model to be followed by other countries.

The forum followed the annual meeting of the World Green Building Council Committee, which the Ministry attended as a member representing the UAE.

The meeting aimed to follow up on the implementation of the Council’s strategies, activities, and initiatives, the latest of which is Buildings Breakthrough, and to review and approve the Buildings Global Status Report 2023.

Source: Emirates News Agency

DUBAI: Mohamed AbuHamra, Chief Operating Officer, Digital Technology, DP World, GCC, has revealed that Dubai Trade, the unified digital window for facilitating cross-border trade in the Emirate of Dubai, is planning to introduce generative artificial intelligence (AI) into its digital products. The aim is to make the trade sector and supply chain networks simpler and smoother.

Speaking to Emirates News Agency (WAM), AbuHamra said that Dubai Trade has already launched some digital products that will contribute to making the journey of products smoother for the end user. He also pointed out the pioneering role played by Dubai Trade, the unified platform for trade and logistics services, in the recommendation of the International Maritime Organisation (IMO) that all seaports should have a unified window by the beginning of 2024.

AbuHamra explained that logistics services involve some complex matters that can be simplified by taking advantage of new technologies.

“Clearing a specific commercial shipment may be
difficult for the user, but buying a mobile phone through an e-commerce platform is easy and can be done in a few simple steps. So the goal is to make the two processes similar,” he said.

He added that there is a technical project currently being worked on, explaining that once the shipment receipt statement arrives at the port, proactive steps will be taken to accelerate operations, leading to the final step of delivering the goods directly to warehouses, without the need to wait and carry out the shipment clearance process.

“Supply chains and the logistics sector in general, and the trade sector, are somewhat lagging behind in adopting digital technology compared to other sectors around the world, and this is what the Dubai Trade platform seeks to change,” he said.

AbuHamra also pointed out that there are more than 700 digital services available through the Dubai Trade platform, which makes it the leader and the most advanced in this field.

He said, “We have succeeded in establishing our position as a d
igital provider of trade and logistics services, and a digital arm of DP World in the GCC region. Our goal this year is to focus on customers and facilitate and improve the digital services provided to them.”

AbuHamra also referred to the cooperation with many partners in the trade and logistics sector, which contributed to providing an integrated and simplified journey for customers.

He said that Dubai is a major centre for trade and logistics in the region, and 2023 saw a significant growth in the emirate’s economy, especially in the non-oil trade sector, which had a major impact on Jebel Ali Port, one of the largest ports in the world and the largest in the Middle East.

He pointed out that the services provided through the Dubai Trade platform, the ease of operations, and the smoothness of procedures undoubtedly played a major role in the results that were achieved.

AbuHamra emphasised the positive impact of the trade partnership agreements that the UAE has signed with many countries around the world i
n developing the operations of the Dubai Trade platform, especially during the past year 2023.

He pointed out that the Dubai Trade platform continues its journey in leading digital innovation in support of the Dubai Economic Agenda D33. So far, it has recorded the completion of more than 300 million transactions since the platform was founded in 2003, and has contributed to reducing the use of approximately 617 million printed documents. It also completed 32.6 million transactions last year, compared to 26 million transactions in 2022, an increase of 25 percent.

Source: Emirates News Agency

SHARJAH: Arada has completed the first eight residential buildings in Naseej District, a new creative hub based at the AED35 billion Aljada megaproject in Sharjah. Each of the 920 homes in the eight Tiraz buildings is close to an array of high-quality cultural, artistic and retail destinations, including Il Teatro, a landmark performing arts space that has been designed by Japanese architect Tadao Ando.

Featuring a range of studios, one-bedroom and two-bedroom apartments, the Tiraz buildings overlook courtyards and open spaces, and are linked to the rest of Naseej District by a lushly landscaped urban park. Smart home features come as standard across all Tiraz apartments, and residents are also able to enjoy access to a health club, two swimming pools, children’s play areas and a family barbecue space.

The completion of all 920 homes in the Tiraz 1-8 buildings brings the total number of units completed at Aljada to over 7,500.

Ahmed Alkhoshaibi, Group CEO of Arada, said, ‘We’re delighted to welcome the fir
st families to Naseej District, just one of the many exciting and fulfilling communities available to residents at Aljada. We’re now working hard to deliver the remaining residential blocks in Naseej District, as well as awarding the contract for Il Teatro by the end of this year, which will together result in an impressive new creative district for Sharjah.

‘Our track record of quality design and timely delivery of impressive surrounding amenities, backed by the strong fundamentals of the Sharjah property market, has meant that property values at Aljada have increased significantly since launch and we expect this trend to continue in the future, adding value to our buyers’ investments.’

The contract to build the Tiraz buildings was awarded to Kuwaiti contractor Mohammad Abdulmohsen Al-Kharafi and Sons in February 2022, with the first four buildings in the complex completed in December 2023.

Elsewhere in Naseej District, construction on the five Sokoon buildings and the two Il Teatro Residences buildings
, containing 625 homes in total, is currently under way and will be completed by the end of 2024. Construction on the four blocks in the Vida Aljada hotel complex, containing another 529 units, is scheduled to be completed in the first half of 2025.

Spread over a 24 million square foot area, Aljada is Sharjah’s largest-ever project and a transformational destination for the Emirate. As well as its numerous residential districts, Aljada also contains extensive retail, hospitality, entertainment, sporting, educational, healthcare components and a business park, all set within a green, walkable master plan.

Source: Emirates News Agency

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) announced the successful closure of a sharia compliant syndicated transaction totalling AED865 million (USD 235 million) for BGN and Al Seer Marine to finance new and energy-efficient gas carriers.

This financing marks the second tranche of a larger syndication amounting to US$370 million, which will be used to finance the construction of three state-of-the-art Very Large Gas Carriers (VLGCs) in South Korea and Japan.

ADIB acted as the Mandated Lead Arranger, Coordinator, Bookrunner, Shari’a Advisor, Investment and Security Agent on the deal, and was supported by several mandated arrangers specialised in the maritime and energy sectors including Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD), and a strategic partner from KSA, the Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and the private sector arm of Islamic Development Bank (IsDB) Group. The
documentation and coordination of the transaction were handled by leading global law firms Dentons, as the Syndicate’s Legal Counsel, and Holman Fenwick Willan (HFW) as the Company’s Legal Counsel.

The financing, conducted through ABGC, a joint venture between energy and commodities trader BGN and Al Seer Marine, will facilitate the construction of three new energy-efficient VLGCs, with two vessels slated for delivery in 2025 and the third vessel expected in 2026. The vessels will be dual-fuel efficient and enjoy operational, economic and environmental efficiencies through their Liquefied Petroleum Gas (LPG) engines. LPG engine technology is a step towards zero-carbon propulsion of vessels and the shipping industry achieving its ambitious greenhouse gas emission reduction goals.

Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking at ADIB, commented, “We are delighted to lead this syndication, which underscores our commitment to supporting strategic initiatives that promote sustainable development
and innovation in the maritime sector. The completion of these VLGC vessels will not only enhance the UAE’s maritime position but also contribute to the nation’s role as a critical maritime hub on the global stage and will contribute to decarbonisation efforts in the marine industry.”

Nitin Mathur, Head of Commercial Maritime Management at Al Seer Marine, said, “This landmark deal underscores Al Seer Marine’s leadership and vision in the maritime sector. Through the closure of the syndicated financing for ABGC and our strategic partnership with BGN, our position as a leading commercial vessel owner is being realised. This success showcases the increasing confidence and willingness of local and regional banks to invest in the commercial marine sector, reflecting positively on our financial health and prospects.”

Ozan Turgut, Head of Shipping at BGN, emphasised the trader’s long-term commitment to developing and maintaining a modern fleet to support its global physical trading platform. “We are growing our lo
gistics capability to create much-needed capacity for our traders who continue to supply the world with transitional fuels such as LPG (liquefied petroleum gas), ammonia and other commodities. We are proud to have collaborated closely with Al Seer Marine, our banking partners in the GCC region, and legal partners Dentons and HFW to bring this syndicate to completion. This collaboration highlights the power of partnership in achieving complex financial arrangements and reflects the UAE’s pivotal role as an energy, maritime, and financing hub.”

The vessels, equipped with cutting-edge technology and superior emissions performance features, will help to advance the global energy transition and will significantly contribute to enhancing the UAE’s maritime position.

Source: Emirates News Agency