Tadawul declines to six-month low

Updated 20 November 2012
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Tadawul declines to six-month low

The Saudi stock market continued its downward spiral and fell for an eighth session yesterday. Uncertainty prevailed throughout the day and Tadawul index logged a largest intra-day decrease in six months.
After a steep decline of 133.97 points during mid of the session, the Tadawul All-Share Index (TASI) subsequently traveled sideways to end in the red territory at 6,666.46 points. The index pared 98.82 points or 1.46 percent for the entire day.
TASI's year-to-date gains shrank to 3.88 percent merely.
Micro cap performed worst among market cap indices, going down more than two percent.
All sector indices closed in red, trimming an aggregate of 1,207.19 points. Hotel, Industrial Investment, Real Estate and Building & Construction sectors were major decliners, shedding more than two percent for the day. Banking sector also lost nearly 218 points to close at 14,745.17.
The market breadth was largely negative with 137 stocks witnessing declines against 11 stocks registering advances and the prices of 7 companies remained unchanged.
Insurance companies were the significant winners among all Saudi stocks, with Arabian Shield Insurance and Amana Cooperative Insurance, rising by 10 percent and 9.92 percent respectively.
Anaam International Holding, on the contrary, delivered a largely negative performance, slipping 6.21 percent to close the day at SR 43.80.
Top ten heavy weights closed lower from previous day's levels, with Samba Financial Group dipping by 2.44 percent, SABB 2.29 percent and Saudi Telecom 1.71 percent.
Only Kingdom Holding turned green among large caps, advancing 0.87 percent to close the day at SR 17.35.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.