Monthly Archives: January 2017
The Africa Finance Corporation’s (AFC) issuance represents the global market’s first USD Sukuk transaction of 2017 and the first Sukuk transaction from an African supranational entity. The pan-African multilateral development finance institution and project developer, AFC, issued its maiden Sukuk which is the highest-rated Sukuk issuance from an African institution. Emirates NBD Capital played a role as the Sole Global Coordinator in the 150 million USD transaction which has an estimated final order book of approximately 230 million USD.
As the GCC countries drift away from oil dependency to strengthen their economy from a diversity of sectors, the business environment has not been ideal for some countries while government initiatives to aid the adaptation to falling oil prices and transition to a more diverse economy has not been favourable for some sectors.
Midsummer, a leading supplier of production lines for cost effective manufacturing of lightweight flexible CIGS solar cells, today announced that its Asian client now manufactures lightweight flexible solar modules with conversion efficiency of 14 per cent.
Banque Misr in Eqypt has announced plans to sign a loan with Abu Dhabi Islamic Bank-Egypt (ADIB) to aid the Banque Misr in strengthening is financial status and dollar liquidity. The loan which is estimated to be worth 150 million USD is expected to be signed off during the second quarter of the 2016/2017 financial year.
Last Monday, Japan’s economy, trade, and industry ministry announced that it has extended its oil rights in Abu Dhabi, UAE – the second-largest supplier of crude oil for Japan.
Dubai Investments, the world-class company investing in profitable entities and the largest investment company listed on Dubai Financial Market is aiming at a substantial growth in the ever increasing solar energy trends across the UAE through Emirates Insolaire LLC. Since late 2014, renewable energy has continuous growth in investments and advancement in the solar technology.
Gulf Council Countries renewable energy targets have been reported to have the potential of creating an average of 140,000 direct jobs per year. The report which was published last year by International Renewable Energy Agency (IRENA) on renewable energy market analysis in the Gulf Council Countries (GCC) region sees an appreciable growth of renewable energy in the region and also declares Saudi Arabia as the world’s seventh largest oil consumer and the world’s largest oil exporter, thus making it an oil dependent economy. However, the country has declared plan to diversify its economy by depending on more green technology and sustainable sources.
The leaders of the United Arab Emirates (UAE) take innovation seriously. In just over 10-years they have tried to remake the country. Projects include massive skyscrapers, new airports, world-class hospitals, and education promotion zones to name a few. But this is only the beginning. The country, which is still less than 50-years-old, has set a goal to be ranked among the top 20 most innovative countries in the world by 2021. While the goal is commendable, what are the reasons? After all, isn’t the country oil rich?
A.M. Best Briefing: GCC Insurers Must Monitor Impact of Changing Terms for High-Rise Property Insurance
Insurers in Gulf Cooperation Council (GCC) markets are coming under pressure to increase retention levels for high-rise buildings to demonstrate their alignment of interests with those of reinsurers, according to new research by A.M. Best.
In previous reports, I had reiterated the growing tourism sector in the United Arab Emirates. This has accordingly expanded other sectors including real estate, hospitality, and recreational centers, and additional infrastructural developments which keeps attracting tourists. This is also increasing the number of expatriates in the region.
17-18 April 2017