Dubai developer to issue $135m in sukuk

The First Group has completed 11 projects in the UAE to date. (Shutterstock)
Updated 12 June 2019

Dubai developer to issue $135m in sukuk

  • The First Group has appointed investment bank Shuaa Capital to arrange the planned transaction
  • The First Group specializes in hotel investments and has completed 11 projects in the UAE to date

DUBAI: The First Group, a Dubai-based developer and real estate investor, plans to issue $135 million in sukuk, or Islamic bonds, a company spokeswoman said.
The developer has appointed investment bank Shuaa Capital to arrange the planned transaction, she added, without disclosing details on the planned use of proceeds.
It is one of few debt issues in the pipeline in the Gulf region after business slowed sharply during the holy month of Ramadan, which ended last week.
The First Group specializes in hotel investments, according to its website.
It has completed 11 projects in the UAE to date and has seven hospitality developments under construction, the spokeswoman said.


First tanker to load crude at Libya’s Hariga port since January

Updated 23 September 2020

First tanker to load crude at Libya’s Hariga port since January

  • The Delta Hellas tanker will enter Libya’s Hariga port on Wednesday and load 1 million barrels of oil from the port’s storage

BENGHAZI/LONDON: An oil tanker is expected to load crude at Libya’s Marsa el-Hariga terminal this week, the first since a blockade by eastern forces in January slashed the OPEC member’s oil production to a trickle.
The Delta Hellas tanker will enter Libya’s Hariga port on Wednesday and load 1 million barrels of oil from the port’s storage, the Arabian Gulf Oil Co. which operates the port said in a statement.
Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports, which depressed the OPEC member’s production down to around 100,000 barrel per day (bpd).
Trading arm of China’s Sinopec , Unipec- which prior to the blockade was one of the main lifters of Mesla and Sarir crude grades from the terminal- booked the tanker, two trading sources said.
Unipec also booked the Marlin Shikoku tanker, which according to Refinitiv Eikon shipping data is expected to arrive at Hariga on Thursday.
This comes as the National Oil Corporation (NOC) seeks to gradually boost production, with output expected to rise to around 260,000 bpd next week.
Before the blockade, Libya produced around 1.2 million bpd, or more than 1% of global production.
NOC, which said it would only resume at ports and oilfields that are free of military presence, has so far announced oil export resumption from the Hariga, Brega and Zueitina terminals.