Arab Palestinian Investment Co places 5-year bonds worth $120mln
Arab Bank, Cairo Amman Bank, Quds Bank, Bank of Palestine, Bank of Jordan, Jordan Ahli Bank, the Housing Bank for Trade and Finance, the Palestine Deposit Insurance Company and the International Finance Corporation (IFC) participated in the offering.
The proceeds of the issuance will be used to support the company's capital and expand investments in the region.
Earlier in May, APIC's shareholders approved the issuance of corporate bonds with a total nominal value of up to $110 million with an option to increase it to $120 million.
The Palestine Exchange-listed APIC is a diversified investment company and invests across sectors in Palestine, Jordan, Saudi Arabia, the UAE, Iraq and Turkey.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
7 hours ago
- The National
Jordan has slump in visitors to Petra during Gaza war
Jordan has had a sharp drop in visitors to its ancient city of Petra and other sites since war broke out in Gaza almost two years ago, it was revealed on Monday. Figures released by the Petra Development and Tourism Region Authority show visitors dropping from almost 1.2 million in 2023 to fewer than 460,000 last year – a decrease of about 61 per cent. "We feel the repercussions of the aggression on Gaza every day, especially for providers of tourism services," Abdul Razzaq Arabiyat, the director of the national tourism board, told TV channel Al Mamlaka. Mr Arabiyat said tourism from Europe and North America has hit a record low, dealing a devastating blow to the hotel industry and tour operators around Petra, in Jordan's south. According to figures from the Petra tourism authority carried by official media, 32 hotels have had to shut down and almost 700 people have lost their jobs. Although Jordan does not share a border with Gaza, it is among many countries across the Middle East affected by the war between Israel and Hamas. The kingdom has worked with the UAE to fly food into Gaza and sought to use its diplomatic influence to bring about a ceasefire. Petra, famous for its stunning temples hewn from rose-pink cliff faces, is a Unesco world heritage site. The Jordanian economy relies on revenues from the kingdom's tourism sector, which accounts for 14 per cent of gross domestic product. Jordan's tourism board had hoped to keep numbers steady from a pre-war figure of 5.4 million visitors a year across the country. Mr Arabiyat told The National in May 2024 that "we need to at least maintain this number this year, and we hope it will not decrease". Last August, it was revealed that Middle East plane tickets issued in a 10-day period during the height of summer were seven per cent down year on year, with Jordan and Lebanon suffering the biggest drops.
Middle East Eye
8 hours ago
- Middle East Eye
Trump Administration says it will withhold disaster funding to states that boycott Israel
US states and territories that boycott Israeli companies or companies operating in Israel will be denied federal funds for natural disaster preparation, Reuters reported on Monday. The Federal Emergency Management Agency (FEMA) stated in a notice of funding on Friday that it was making nearly $1 billion available to states to protect themselves from natural disasters. The funding announced on Friday applies to 15 different grant programmes that protect states from natural disasters such as floods, tornadoes, hurricanes, and fires as well as terrorist attacks and cyber disruptions. FEMA has also announced an additional $2.2 bn in funding for disaster preparation since 25 July. However, Reuters said that at least $1.9 billion of this funding was conditional on states following Department of Homeland conditions laid out in April that they will not cut 'commercial relations specifically with Israeli companies or companies doing business in or with Israel' to qualify, according to 11 agency grant notices it reviewed. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters However, the ruling is seen to be largely symbolic. More than 30 US states already have laws that require 'public entities to certify they do not and will not boycott Israel', according to an essay titled 'Anti-BDS laws and the politics of political boycotts' in the University of Pennsylvania's Journal of Law and Social Change. However, in recent months, calls for boycotts of Israeli and international companies who are doing business with Israel have increased. Most recently, UN Special Rapporteur Francesca Albanese's called for action after she published a scathing new report in which she names over 60 companies, including major technology firms like Google, Amazon and Microsoft, alleging their involvement in what she calls "the transformation of Israel's economy of occupation to an economy of genocide". Albanese was sanctioned by the US after she published the report. Political blackmail It is the latest escalation in the Trump administration making war on institutions, departments, or states that do not fall in line with its goals and priorities such as its hardline approach to immigration or issues such as climate change. For example, FEMA's statement on Friday laid out that recipients will no longer be able to spend the funds 'to house illegal immigrants at luxury hotels, fund climate change pet projects or empower radical organizations with unseemly ties that don't serve the interest of the American people'. The statement also said that recipients are required to spend 10 percent minimum on 'supporting border crisis response and enforcement'.
The National
9 hours ago
- The National
New four-lane tunnel opens in Dubai to ease traffic
An 800-metre tunnel with four lanes in each direction has opened in Dubai as part of a project to ease traffic flow in the city. The tunnel extends from the junction with Al Khail Road to the intersection with Sheikh Mohammed bin Zayed Road as part of the Umm Suqeim Street development project. The project is part of plans by Dubai's Roads and Transport Authority (RTA) to ease the flow of traffic and improve the road infrastructure in the emirate. 'The Umm Suqeim Street development project extends from the intersection with Al Khail Road to the intersection with Sheikh Mohamed bin Zayed Road, covering a distance of 4.6km," said Mattar Al Tayer, RTA director general, on Sunday. "The works included upgrading the intersection of Umm Suqeim Street with Al Barsha South Street, near Kings' School, where an 800-metre-long underpass with four lanes in each direction was constructed, in addition to a signalised surface-level intersection. "This development is considered one of the most important strategic projects for developing transverse east-west roads to enhance connectivity with vertical north-south roads. The completion of the project complements RTA's efforts to upgrade this corridor." The tunnel is part of plans to develop the Umm Suqeim-Al Qudra corridor, which extends from the intersection with Jumeirah Street to the junction with Emirates Road, spanning a total of 16km.
