Bahrain: Ajlan & Bros completes $300mln Murabaha facility
The new facility will enable Ajlan Group to further diversify the pool of banks and funding sources which will be used to finance the group's expansion initiatives.
Gulf International Bank-Saudi Arabia (GIB), First Abu Dhabi Bank (FAB) and Kuwait Finance House Bahrain, acted as mandated lead arrangers for the new facility. GIB also acted as the sole coordinator and facility agent.
Ajlan & Bros chairman Ajlan Abdulaziz Al Ajlan commented: 'The securing of the $300m financing through a syndicated facility, which was subscribed by leading regional banks, is a testament to the appeal and confidence in Saudi market and in the Ajlan Group expansion plans in key strategic sectors aligned with Vision 2030.'
GIB-Saudi Arabia chief executive Khaled Abbas added, 'We are honoured to have successfully led this landmark transaction for Ajlan & Bros. The strong backing and participation of leading regional banks highlights the growing investor confidence and appetite for USD-denominated syndications for Saudi family-owned enterprises- particularly during this dynamic phase of economic transformation and growth in Saudi Arabia. We are grateful for the trust the company has placed in GIB during this debut offering and remain dedicated to delivering tailored financing solutions to diversify and optimise their sources of funding in support of sustainable long-term growth.'
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
3 hours ago
- Arabian Business
UAE retailer Union Coop's H1 2025 net profit jumps 6.4% to $47.47 million
UAE's Union Coop has recorded a net profit of AED173.6 million (US$47.27 million) after tax for the first half of the year (H1), compared to AED163.14 million (US$44.42 million), thus growing by 6.4 per cent from the same period last year. Total income reached AED1.16 billion (US$315.32 million), comprising AED1.031 billion (US$280.74 million) from retail sales, AED88 million (US$23.96 million) from real estate, and AED39 million (US$10.62 million) from other income. Profit before tax stood at AED192 million (US$52.28 million). Second-quarter profits in 2025 grew by 13 per cent compared to the same period last year, underscoring the efficiency of Union Coop's operational strategy. The cooperative's customer base also grew significantly, with new customers up by 30 per cent and online sales increasing by 24 per cent. Mohamed Al Hashemi, Union Coop's CEO, commented: 'In the first half of this year, we expanded our footprint with the opening of one new mall and three new stores – in Al Khawaneej, Nad Al Sheba, and Rukan Community – designed to the highest standards to cater to a wider audience.' The company continued enhancing the shopping experience through 'Scan&Go' services in two stores and 'Check&Go' facilities in seven stores, enabling faster and more convenient checkouts. Union Coop also reinforced its commitment to community empowerment, achieving a 35 per cent Emiratisation rate and recruiting 80 National Service members across 13 branches. The cooperative employs 721 women, reflecting its dedication to gender inclusion and diversity.
Gulf Business
3 hours ago
- Gulf Business
Foreign investors alert: Saudi approves digital IDs for property ownership
Image credit: Getty Images In a groundbreaking move to open up its real estate sector, Saudi Arabia's Cabinet has approved the use of digital identification for non-resident, non-Saudi foreigners to own property in the country. The decision comes as part of broader efforts to implement the non-Saudi Real Estate Ownership Law, which will come into effect in January 2026, Read- To support the rollout, the General Real Estate Authority will work with the Governance overhaul and committee formation The cabinet also backed governance measures proposed by the Strategic Committee of the Council of Economic and Development Affairs, which include forming a specialised committee within the Real Estate Authority to oversee non-Saudi ownership and usufruct rights. Additionally, the board of the General Real Estate Authority has been restructured, now chaired by its CEO and composed of representatives from various ministries, government entities, and three members from the private sector. Key requirements for foreign buyers In July, the Cabinet formally approved the non-Saudi Real Estate Ownership Law. Just last month, draft executive regulations were published, laying out the conditions for non-resident ownership. To qualify, foreign buyers must activate a digital ID via the Absher platform, open a Saudi bank account, and obtain a local contact number, setting the stage for a more accessible property market for global investors.
Khaleej Times
5 hours ago
- Khaleej Times
UAE: Spotify hikes premium package charges; users to soon pay up to Dh40 monthly
Music lovers in the UAE will soon have to pay more for their subscription plans as Spotify announced a hike to its premium plan prices. Speaking to Khaleej Times, an advisor at the streaming platform confirmed the new prices are set to be introduced for all plans from September onwards. "As we continue to grow our platform, we are updating our premium prices, so that we can keep innovating in changing market conditions. These updates will help us continue delivering value to fans," said the advisor. Users will be given a one-month grace period before the new price becomes effective, unless they cancel before the grace period ends. Earlier this month, Spotify had announced that it would be increasing prices and subscribers would receive an email explaining the price increase over the next month. The company had clarified the price would rise to 11.99 euros ($13.86) per month from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region. Price increases in the past, combined with cost-cutting efforts in recent years, have helped Spotify achieve its first annual profit for 2024. Price increase On Saturday, some users received an email informing them of the same. For those who may not have received these yet, Spotify has advised listeners to check their junk or spam folders. The new rates will be charged from the customer's respective billing date in September. In case one is unable to recall this date, they can visit their account page to find the billing date. Here are the new prices: Premium Individual: The previous plan that used to cost Dh21.99 for a month will now be available for Dh23.99. Premium Student: The plan of Dh11.99 will now be available for Dh12.99. Premium Duo: The duo plan that used to cost Dh27.99 will now be available for Dh32.99. Premium Family: The family plan which used to cost Dh33.99 will now be available for Dh39.99. For those who plan to change their subscriptions, the advisor informed that it won't be impacting customers' library, which includes playlists, podcasts or liked songs. This also applies to those who plan to switch to the free service. What about those who are currently on a trial offer? These users will have one month at the original price after the end of the trial. After this, the new price for the chosen plan will come into effect. For those who got a gift card under the previous plan, they will still be able to redeem it even if it they bought it at a lower price. Gift cards can only be redeemed on the Premium Individual plan. Recent changes Spotify is also benefiting from Apple's approval of the Swedish company's US app update to show subscription prices and external payment links, after a judge barred the iPhone maker from charging commission on off-app purchases. The audio streaming company's CEO Daniel Ek said this change has led to "a very positive uptick" in the US. He also said that if similar rules are adopted in Europe and the UK, it would benefit both Spotify and other app developers. Spotify has been expanding its library of video content to attract subscribers, including through its partner programme, which is designed to help podcast creators by offering them monetisation options. A growing number of creators are joining the Spotify Partner Programme, resulting in a significant increase in video content on our platform, Ek had earlier said.
