Kuwait’s Warba Bank raises $250m sukuk on Nasdaq Dubai

Kuwait’s Warba Bank raises $250m sukuk on Nasdaq Dubai
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Updated 29 December 2021

Kuwait’s Warba Bank raises $250m sukuk on Nasdaq Dubai

Kuwait’s Warba Bank raises $250m sukuk on Nasdaq Dubai

Kuwait Islamic corporate and retail bank, known as Warba Bank, has listed a $250 million Tier-1 sukuk on Nasdaq Dubai.

This is the bank’s third sukuk on the exchange, with their total listings amounting to $898 million in value, The National News reported. 

The most recent listing was 4.4 times oversubscribed by investors.

“This further strengthens ties between the capital markets of Kuwait and the UAE,” Chief Executive of Warba Bank Shaheen El Ghanem told The National News.

It is also a clear demonstration of Warba Bank’s expansion strategy in diverse business activities such as treasury, corporate, investment, and retail banking, El Ghanem added.

 


Commodities Update — Gold falls; Silver down; Grains ease

Commodities Update — Gold falls; Silver down; Grains ease
Updated 14 sec ago

Commodities Update — Gold falls; Silver down; Grains ease

Commodities Update — Gold falls; Silver down; Grains ease

RIYADH: Gold prices slipped on Wednesday, pressured by a firmer dollar as investors look to minutes from the US Federal Reserve’s May policy meeting due later in the day for cues on its policy tightening path.

Spot gold fell 0.6 percent to $1,855.03 per ounce by 1134 GMT, on track to snap a five-day winning streak. US gold futures dropped 0.6 percent to $1,853.40.

Silver down

Spot silver fell 1.5 percent to $21.76 per ounce, while platinum shed 1.4 percent to $940.89. 

Palladium was 0.7 percent lower at $1,992.37. 

Wheat heads lower

US wheat futures fell on Wednesday following reports that Russia was ready to provide humanitarian corridors for food shipments, while corn hovered near a six-week low as US planting picked up and China allowed Brazilian corn imports.

The most-active wheat contract on the Chicago Board of Trade was down 2.8 percent at $11.22 a bushel by 1023 GMT.

Corn eased 1.2 percent to $7.62-1/4 a bushel after falling 1.8 percent on Tuesday while soybeans edged 0.4 percent lower to $16.86-1/4 a bushel.

(With input from Reuters) 


TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell
Updated 29 sec ago

TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell

RIYADH: Saudi Arabia’s main index closed higher today, boosted by optimism from investors as earnings season concluded on a positive note, after listed companies reported 73 percent profit growth in the first quarter.

As of Wednesday’s closing bell, TASI gained 2.34 percent to reach 12,588, while the parallel market, Nomu, slipped 1.04 percent to 22,020.

In the financial sector, Riyad Bank rose 8.25 percent to lead the gainers, while Rajhi and Alinma Bank climbed 3.18 percent and 5.40 percent, respectively.

Saudi Industrial Export Co. fell 5.48 percent to lead the laggards, despite leading the market in early trade.

Among the gainers on the list, Saudi Electricity Co. rose 6.22 percent, and Almarai Co. increased 6.01 percent.

Telecom giants stc and Zain KSA were both up by 0.77 percent and 0.93 percent respectively.

In the pharma sector, Aldawaa Medical Services Co. increased 1.04 percent, while Nahdi Medical Co. added 0.39 percent.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 2.12 percent.

On the energy market, Brent crude traded at $114.70 per barrel and West Texas Intermediate crude traded at $111.07 per barrel, as of 3:39 p.m. Saudi time.


National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan
Updated 30 min 20 sec ago

National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan

RIYADH: Following the sale of its banking business to the Arab Jordan Investment Bank, the National Bank of Kuwait has halted its operations in Jordan.

The bank said in a statement that all assets and liabilities will be transferred to the Arab Jordan Investment Bank, as of May 25, including accounts balances, deposits and loans.

Meanwhile, the Central Bank of Jordan terminated the license of the National Bank of Kuwait as of Wednesday.


Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 
Updated 25 May 2022

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

RIYADH: Saudi Arabia’s Tourism Development Fund has inked a financing deal with Rimal AlKhobar Real Estate Co. to develop a five-star hotel with a project cost of SR238 million ($63 million) in the Eastern Province of the Kingdom. 

Announced during the second edition of the Future of Hospitality Summit in Riyadh, the partnership aims to enhance tourism and entertainment services for the Eastern Region, Saudi Press Agency reported.

The new project will include over 100 hotel rooms and suites, 62 housing units and restaurants, Wahdan Al-Kadi, chief business officer at TDF, said. 

The property will have all the other amenities including swimming pools, a health center, a gym and spaces for meetings and events.

He stressed the TDF’s commitment to attract more investors and provide them with the necessary support to develop quality tourism projects that keep pace with Saudi Arabia’s tourism boom.

TDF was established in 2020 with $4 billion in capital to facilitate local and international investors’ access to high-potential tourism investments across key destinations in the Kingdom, its website stated.


Diriyah Gate Project has 36% Saudi female staff, says CEO

Diriyah Gate Project has 36% Saudi female staff, says CEO
Updated 25 May 2022

Diriyah Gate Project has 36% Saudi female staff, says CEO

Diriyah Gate Project has 36% Saudi female staff, says CEO

RIYADH: The majority of Diriyah Gate Project staff, 83 percent, are Saudi nationals, out of which 36 percent are women, said Jerry Inzerillo, group CEO of the Diriyah Gate Development Authority.

Inzerillo, who was speaking at the Future Hospitality Summit, said that 16 percent of the project's women workforce are operating in the management sector.

“Just build a giga-project and leave your community behind it. It would be immoral,” said Inzerillo.

He added that 40 percent of the workforce in the Diriyah Gate Project are from the local community.

According to Inzerillo, the project will be an iconic initiative which will offer a future grounded in Saudi Arabia’s glorious past.

Inzerillo revealed that the project, upon completion, will have 20,000 residential units, and the contracts to build these settings are being awarded to Saudi builders.

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