Abu Dhabi’s Senaat sees ‘potential’ for bond next year

An event was held on Sunday to mark the listing of the first tranche of Senaat’s sukuk on the Abu Dhabi Securities Exchange and London Stock Exchange. (WAM)
Updated 10 December 2018
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Abu Dhabi’s Senaat sees ‘potential’ for bond next year

LONDON: Abu Dhabi’s Senaat sees potential to issue an additional bond next year, its CEO said on Sunday.

The state-owned investor in the industrial sector last month issued $300 million in sukuk, or Islamic bonds, according to reports. 

Jamal Al-Dhaheri, CEO of Senaat, said further bond issuances could be made next year. 

“Yes, there is potential (for 2019). We wanted to test the market and the response was very good,” Al-Dhaheri was quoted as saying by Reuters.

He was speaking at an event to mark the listing of the first tranche of Senaat’s sukuk, valued at $300 million, which is dually listed on the Abu Dhabi Securities Exchange and London Stock Exchange.

The sukuk was raised at a profit rate of 4.76 percent with a seven-year tenure, and saw demand from over 180 local and global investors, exceeding the coverage ratio by almost tenfold, state news agency WAM reported.

“The listing of the sukuk on the Abu Dhabi Securities Exchange is an important milestone in the company’s history. This is the first time the company has entered the public markets to issue sukuk that can be traded in one of the world’s leading financial markets,” Al-Dhaheri was quoted as saying.


Hyundai invests $300 million to help India’s Ola battle Uber

Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market. (Reuters)
Updated 19 March 2019
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Hyundai invests $300 million to help India’s Ola battle Uber

  • Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market
  • Ola says it handles around a billion rides a year across India’s major centers

MUMBAI: Indian taxi-hailing company Ola has secured a $300-million investment from South Korean car giant Hyundai, the firms said Tuesday, providing a major boost in its fight against US giant Uber.
Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market, which is estimated to be worth around $10 billion and growing fast.
The new money, from Hyundai’s subsidiary Kia Motors, will largely be used to help Ola increase its electric vehicle fleet, the companies said in a joint statement.
“Our partnership with Ola will certainly accelerate our efforts to transform into a smart mobility solutions provider,” Hyundai executive vice chairman Chung Eui-sun said in the statement.
Bangalore-based Ola announced last year that it planned to put a million electric vehicles on India roads by 2021.
Ride-hailing apps are booming in the country despite stiff opposition from traditional taxi firms and some initial concerns about passenger safety.
Ola says it handles around a billion rides a year across India’s major centers, as well as seven cities in Australia.
In 2018, Ola also announced operations in Britain as part of a drive into other markets as competition with Uber intensifies on home turf.