Latest news with #AbuDhabiCommercialBank
Zawya
14-05-2025
- Business
- Zawya
UAE's Masdar launches $1bln dual tranche green bonds; IPTs out
Abu Dhabi Future Energy Company PJSC, known as Masdar, (A1/AA-), has launched $1 billion dual tranche no-grow Reg S senior unsecured bonds with tenures of 5 and 10 years. Abu Dhabi Commercial Bank, Bank of China, BNP Paribas, Credit Agricole CIB, DBS Bank Ltd., First Abu Dhabi Bank, IMI-Intesa Sanpaolo, ING, are the joint lead managers and bookrunners. The issuances come under Masdar's $3 billion Euro Medium Term Note Programme. The $500 million 5-year bond has IPTs in the UST+115 basis points area. The $500 million 10 year has IPTs in the UST+125bps area. Interest rates will be paid semi-annually on 21 May and 21 November in each year, up to and including the maturity date. An amount equivalent to the net proceeds will be applied by the issuer to finance and / or refinance certain eligible green projects as described in its Green Finance Framework, according to the investor document. The Abu Dhabi government-owned energy company raised $750 million its issued its first green bond in 2023. Masdar, the only renewable power company in the UAE, has a total portfolio of 291 projects with capacity to produce 58 giga watts. (Writing by Brinda Darasha; editing by Daniel Luiz)
Business Mayor
09-05-2025
- Business
- Business Mayor
Trump heads to the Middle East with oil, trade and nuclear ambitions on the table
US President Donald Trump (R) and Saudi Deputy Crown Prince Mohammad bin Salman al-Saud take part in a bilateral meeting at a hotel in Riyadh on May 20, 2017. Mandel Ngan | AFP | Getty Images DUBAI, United Arab Emirates — U.S. President Donald Trump will touch down in the Persian Gulf region – or as he may soon be calling it, the Arabian Gulf – on May 13, for an official trip with stops in Saudi Arabia, Qatar and the United Arab Emirates. The stakes are high, as the visits take place amid turbulent geopolitical tensions. On the agenda will be Israel-Gaza war ceasefire talks, oil, trade, investment deals, and the potential for new policy developments in the areas of advanced semiconductor exports and nuclear programs. 'We expect to see a lot of announcements. And I think in a broad spectrum of areas as well,' Monica Malik, chief economist at Abu Dhabi Commercial Bank, told CNBC's Dan Murphy on Friday. She noted the potential removal of Trump's 10% tariffs on aluminum and steel, which would be a positive for the Gulf states as some of them export those metals to the U.S., though they make up only a small percentage of the countries' GDPs. Trump has long enjoyed a warm relationship with Gulf Arab states, in particular the UAE and Saudi Arabia, where his children have several business ventures and planned real estate projects. Those relationships could strengthen the countries' hands when it comes to negotiating new trade deals – while also raising concerns among critics over potential conflicts of interest, accusations the Trump family rejects. During the president's initial term in office, his first overseas trip was to Saudi Arabia – a country now hosting the negotiations that Trump hopes will end the Russia-Ukraine war, making the kingdom ever more important to Washington. Qatar, meanwhile, has played a central role in negotiations between Israel and Hamas over ceasefires and hostage releases. Wall Street and AI in the Gulf The presidential visit is drawing several Wall Street and Silicon Valley titans to the Saudi kingdom. A Saudi-U.S. investment forum announced just this week and set to take place on May 13 in Riyadh will feature guests including BlackRock CEO Larry Fink, Palantir CEO Alex Karp, and CEOs of major firms like Citigroup , IBM, Qualcomm , Alphabet , and Franklin Templeton, among others. White House AI and crypto czar David Sacks will also be in attendance. 'We also expect to see a lot of investment deals being announced,' Malik said. 'And both ways, we've already seen the UAE announce a number of investments in the U.S. in areas such as AI, energy, aluminum, but we also think that there will be opportunities for U.S. companies to increase investment.' Both Saudi Arabia and the UAE have invested heavily in AI infrastructure with the goal of becoming global hubs for the technology. Therefore, likely top of mind for those leaders is the future of U.S. semiconductor exports, the most advanced of which they so far have not gained access to due to national security concerns. But that may soon be changing. The Trump administration on Wednesday announced its plan to rescind a Biden era 'AI diffusion rule,' which imposed strict export controls on advanced AI chips, even to U.S.-friendly nations. The rule will be replaced with 'a much simpler rule that unleashes American innovation and ensures American AI dominance,' a U.S. Commerce Department spokesperson said Wednesday, though the details of the new rule have not yet been shared. UAE-based AI firm G42 has made efforts to align with U.S. regulations, including divesting from Chinese companies and partnering with Microsoft , which last year invested $1.5 billion in G42. Nuclear ambitions The Trump administration has been actively engaged in talks with Iran over its nuclear program – talks that the UAE and Saudi Arabia have expressed support for. That enthusiasm marks a stark contrast to those countries' attitudes toward any U.S. deals with Tehran during the Obama years. At the same time, Saudi Arabia wants its own civilian nuclear program and has asked the U.S. for approvals and assistance in this direction. Any U.S. support for a Saudi nuclear program was previously contingent on Saudi Arabia normalizing diplomatic relations with U.S. ally Israel – but that could change during this visit, according to media reports citing sources with knowledge of the matter. U.S. Energy Secretary Chris Wright, during a visit to the kingdom in April, said that Saudi Arabia and the U.S. were on a 'pathway' to a civil nuclear agreement – but that any further announcements would come from Trump himself. Israel-Gaza negotiations Another major topic will be the future of Gaza. Trump has vowed to bring about an end to the war, while also controversially suggesting that the U.S. could take control of the war-ravaged Strip which he described as 'important real estate,' comments that drew strong rebukes from Arab leaders. The U.S. has continued to push for ceasefire deals, most recently floating a 21-day cessation of hostilities and release of some hostages, while Israel this week approved expanding fighting and territorial control in Gaza. 'We have yet to hear a comprehensive plan from the Arab world,' Greg Branch, founder of UAE-based Branch Global Capital Advisors, told CNBC on Friday while discussing Trump's upcoming visit. Read More Tata confirms Somerset will be home to £4bn battery factory 'If we're going to see a response that's going to be Arab-led, it's probably now or never,' Branch said. 'I think that will be handled very delicately behind the scenes … probably more of a long-term geopolitical risk than any immediate macro risk.' Oil and financing Branch suggested that lifting U.S. sanctions on Syria under its new government could also potentially be discussed. Meanwhile, reports that the Trump administration will announce a U.S. renaming of the Persian Gulf to the Arabian Gulf would be enthusiastically welcomed by Arab states, but could draw severe anger from Iran at a time of delicate nuclear negotiations with Tehran. Oil prices will also be in focus; Trump has long pushed OPEC states, led by Saudi Arabia, to pump more oil to lower prices for American consumers. For a combination of reasons, Saudi Arabia is doing precisely that – but it may have to change course in the coming months if prices stay subdued, hurting the kingdom's revenues. In that vein, financing will be an important agenda item for the kingdom during Trump's visit, according to ADCB's Malik. Saudi Arabia in November pledged to invest $600 billion in the U.S. over the course of Trump's term — but it also has sky-high costs for its own Vision 2030 investment ambitions. Lower global oil prices and big-ticket public spending projects have brought about widening budget deficits for Riyadh. 'With oil prices where they are, Saudi will look at more financing support from America as well as they look to progress with their investment program,' Malik said. Correction: This article has been updated to reflect G42's status as a private technology company.
CNBC
09-05-2025
- Business
- CNBC
Trump heads to the Middle East with oil, trade and nuclear ambitions on the table
DUBAI, United Arab Emirates — U.S. President Donald Trump will touch down in the Persian Gulf region – or as he may soon be calling it, the Arabian Gulf – on May 13, for an official trip with stops in Saudi Arabia, Qatar and the United Arab Emirates. The stakes are high, as the visits take place amid turbulent geopolitical tensions. On the agenda will be Israel-Gaza war ceasefire talks, oil, trade, investment deals, and the potential for new policy developments in the areas of advanced semiconductor exports and nuclear programs. "We expect to see a lot of announcements. And I think in a broad spectrum of areas as well," Monica Malik, chief economist at Abu Dhabi Commercial Bank, told CNBC's Dan Murphy on Friday. She noted the potential removal of Trump's 10% tariffs on aluminum and steel, which would be a positive for the Gulf states as some of them export those metals to the U.S., though they make up only a small percentage of the countries' GDPs. Trump has long enjoyed a warm relationship with Gulf Arab states, in particular the UAE and Saudi Arabia, where his children have several business ventures and planned real estate projects. Those relationships could strengthen the countries' hands when it comes to negotiating new trade deals – while also raising concerns among critics over potential conflicts of interest, accusations the Trump family rejects. During the president's initial term in office, his first overseas trip was to Saudi Arabia – a country now hosting the negotiations that Trump hopes will end the Russia-Ukraine war, making the kingdom ever more important to Washington. Qatar, meanwhile, has played a central role in negotiations between Israel and Hamas over ceasefires and hostage releases. The presidential visit is drawing several Wall Street and Silicon Valley titans to the Saudi kingdom. A Saudi-U.S. investment forum announced just this week and set to take place on May 13 in Riyadh will feature guests including BlackRock CEO Larry Fink, Palantir CEO Alex Karp, and CEOs of major firms like Citigroup, IBM, Qualcomm, Alphabet, and Franklin Templeton, among others. White House AI and crypto czar David Sacks will also be in attendance. "We also expect to see a lot of investment deals being announced," Malik said. "And both ways, we've already seen the UAE announce a number of investments in the U.S. in areas such as AI, energy, aluminum, but we also think that there will be opportunities for U.S. companies to increase investment." Both Saudi Arabia and the UAE have invested heavily in AI infrastructure with the goal of becoming global hubs for the technology. Therefore, likely top of mind for those leaders is the future of U.S. semiconductor exports, the most advanced of which they so far have not gained access to due to national security concerns. But that may soon be changing. The Trump administration on Wednesday announced its plan to rescind a Biden era "AI diffusion rule," which imposed strict export controls on advanced AI chips, even to U.S.-friendly nations. The rule will be replaced with "a much simpler rule that unleashes American innovation and ensures American AI dominance," a U.S. Commerce Department spokesperson said Wednesday, though the details of the new rule have not yet been shared. The UAE's state AI firm G42 has made efforts to align with U.S. regulations, including divesting from Chinese companies and partnering with Microsoft, which last year invested $1.5 billion in G42. The Trump administration has been actively engaged in talks with Iran over its nuclear program – talks that the UAE and Saudi Arabia have expressed support for. That enthusiasm marks a stark contrast to those countries' attitudes toward any U.S. deals with Tehran during the Obama years. At the same time, Saudi Arabia wants its own civilian nuclear program and has asked the U.S. for approvals and assistance in this direction. Any U.S. support for a Saudi nuclear program was previously contingent on Saudi Arabia normalizing diplomatic relations with U.S. ally Israel – but that could change during this visit, according to media reports citing sources with knowledge of the matter. U.S. Energy Secretary Chris Wright, during a visit to the kingdom in April, said that Saudi Arabia and the U.S. were on a "pathway" to a civil nuclear agreement – but that any further announcements would come from Trump himself. Another major topic will be the future of Gaza. Trump has vowed to bring about an end to the war, while also controversially suggesting that the U.S. could take control of the war-ravaged Strip which he described as "important real estate," comments that drew strong rebukes from Arab leaders. The U.S. has continued to push for ceasefire deals, most recently floating a 21-day cessation of hostilities and release of some hostages, while Israel this week approved expanding fighting and territorial control in Gaza. "We have yet to hear a comprehensive plan from the Arab world," Greg Branch, founder of UAE-based Branch Global Capital Advisors, told CNBC on Friday while discussing Trump's upcoming visit. "If we're going to see a response that's going to be Arab-led, it's probably now or never," Branch said. "I think that will be handled very delicately behind the scenes … probably more of a long-term geopolitical risk than any immediate macro risk." Branch suggested that lifting U.S. sanctions on Syria under its new government could also potentially be discussed. Meanwhile, reports that the Trump administration will announce a U.S. renaming of the Persian Gulf to the Arabian Gulf would be enthusiastically welcomed by Arab states, but could draw severe anger from Iran at a time of delicate nuclear negotiations with Tehran. Oil prices will also be in focus; Trump has long pushed OPEC states, led by Saudi Arabia, to pump more oil to lower prices for American consumers. For a combination of reasons, Saudi Arabia is doing precisely that – but it may have to change course in the coming months if prices stay subdued, hurting the kingdom's revenues. In that vein, financing will be an important agenda item for the kingdom during Trump's visit, according to ADCB's Malik. Saudi Arabia in November pledged to invest $600 billion in the U.S. over the course of Trump's term — but it also has sky-high costs for its own Vision 2030 investment ambitions. Lower global oil prices and big-ticket public spending projects have brought about widening budget deficits for Riyadh. "With oil prices where they are, Saudi will look at more financing support from America as well as they look to progress with their investment program," Malik said.
Arabian Post
09-05-2025
- Business
- Arabian Post
Sobha Realty Expands Sukuk Holdings to $500 Million Amid Strong Investor Demand
Sobha Realty has mandated a consortium of banks to arrange a new three-year, dollar-denominated Reg S benchmark sukuk, marking another significant move in the UAE's Islamic finance landscape. The issuance will be conducted under Sobha Sukuk I Holding Limited's $1.5 billion Trust Certificate Issuance Programme. The appointed joint lead managers and bookrunners include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank. This development follows Sobha Realty's strategic tap into its existing sukuk, where it successfully raised an additional $230 million in September 2024. This tap extended the company's inaugural $300 million sukuk issued in July 2023, bringing the total sukuk holdings to a benchmark size of $500 million. The sukuk is listed on both the London Stock Exchange and NASDAQ Dubai, reflecting the company's commitment to maintaining a strong presence in international financial markets. The latest issuance garnered significant interest from investors, leading to a price tightening of 95 basis points. Approximately 25% of the demand originated from global investors, underscoring the confidence in Sobha Realty's financial instruments and the broader appeal of the UAE's sukuk market. Sobha Realty's robust financial performance has been recognized by leading credit rating agencies. Standard & Poor's upgraded the company's rating from BB-/Positive to BB/Stable, while Moody's enhanced the sukuk rating from Ba3/Stable to Ba2/Stable. These upgrades reflect the company's substantial EBITDA growth, an expanding revenue backlog, and improved EBITDA margins. In 2024, Sobha Realty achieved record-breaking sales of AED 23 billion, with AED 5 billion attributed to the launch of Sobha Siniya Island in the third quarter. The company experienced approximately 50% year-on-year growth in sales, driven by its diverse portfolio of properties in the UAE. Sobha Realty's flagship community, Sobha Hartland, now houses over 11,000 residents, and the company continues to expand its presence with multiple masterplans across the UAE. The company's strategic collaborations have also played a pivotal role in its success. Partnerships with global entities, including a multi-year principal partnership with Arsenal Football Club, have enhanced Sobha Realty's brand recognition and global outreach. Additionally, the establishment of Sobha Modular and Façade Factory and Sobha Energy Solutions demonstrates the company's commitment to innovation and sustainability in real estate development.
Irish Times
02-05-2025
- Business
- Irish Times
Avolon raises $1bn bank facility
Aviation finance company Avolon has raised $1 billion in a new unsecured dual tranche bank facility with six banks in the Middle East as it diversifies its capital sources. The move follows the announcement of a new $1.1 billion senior unsecured facility late last month, bringing the total of new unsecured facilities raised in the second quarter to $2.1 billion. The new facility, which has a conventional and an Islamic tranche, includes five new banks and was coordinated by Emirates NBD Capital, alongside Abu Dhabi Commercial Bank and Warba Bank as initial mandated lead arrangers and bookrunners. Avolon previously raised a $750 million credit facility in June last year that had significant participation from Middle East banks. READ MORE 'This facility further expands our banking relationships in the Middle East consistent with our strategy of diversifying our sources of capital,' said Ross O'Connor, chief financial officer of Avolon. 'It demonstrates the strong appetite in the region for high quality aviation lending opportunities, with Avolon's positive financial trajectory and successful growth strategy ensuring the transaction was well supported.'
