First auction of UAE’s T-bonds receives $2.6bn bids, oversubscribed 6.3 times

The value of the first auction of the dirham-denominated bonds stands at 1.5 billion dirhams and comes as part of the country’s 9 billion dirhams T-bonds issuance program of 2022.
The value of the first auction of the dirham-denominated bonds stands at 1.5 billion dirhams and comes as part of the country’s 9 billion dirhams T-bonds issuance program of 2022.
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Updated 11 May 2022

First auction of UAE’s T-bonds receives $2.6bn bids, oversubscribed 6.3 times

First auction of UAE’s T-bonds receives $2.6bn bids, oversubscribed 6.3 times

RIYADH: The first auction of the UAE’s federal treasury bonds received bids valued at 9.4 billion dirhams ($2.6 billion) and were oversubscribed 6.3 times, Emirates News Agency reported on Wednesday.

The value of the first auction of the dirham-denominated bonds stands at 1.5 billion dirhams and comes as part of the country’s 9 billion dirhams T-bonds issuance program of 2022.

A strong demand was seen across both the two- and three-year tranches at 750 million dirhams each. 

“This reflects confidence in the UAE’s economic and financial policies and its future development plans,” deputy prime minister and chairman of the Central Bank of the UAE said.

“It also reflects the UAE’s position as an attractive hub for investment, its strong creditworthiness and economic and competitive capabilities at the global level,” Sheikh Mansour bin Zayed Al-Nahyan added.

In line with the 2022 issuance plan, a series of periodic auctions will follow. 


Saudi Retal Urban eyes $384m capital through IPO as it opens for institutional investors

Saudi Retal Urban eyes $384m capital through IPO as it opens for institutional investors
Updated 11 sec ago

Saudi Retal Urban eyes $384m capital through IPO as it opens for institutional investors

Saudi Retal Urban eyes $384m capital through IPO as it opens for institutional investors

RIYADH: Saudi Retal Urban Development Co. has announced its price range as it seeks up to SR1.44 billion ($384 million) from an initial public offering.

The developer set its price range at SR112-SR120 per share, the financial advisor of the offer, SNB Capital said in a bourse disclosure.

Aiming to float 12 million shares, or a 30-percent stake, on the Kingdom’s main stock market, Retal will open for institutional investors starting May 25, until May 31.

The final offer price will be determined upon completion of the book-building period, which will be followed by the individual investors’ subscription process.

“This marks a significant milestone in the growth trajectory of our business and a key step towards further solidifying our leading position in the Saudi real estate sector,” the company’s board chairman, Abdullah Al-Fozan said.


Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday
Updated 4 min 40 sec ago

Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday

RIYADH: Saudi stocks closed higher on Tuesday, bucking the downward trend in most Middle Eastern and global markets.

TASI rebounded from three days of losses to advance 0.5 percent to 12,300, while the parallel market Nomu lost 0.5 percent to 22,251.

Stock exchanges of Abu Dhabi, Kuwait, Dubai, and Egypt dropped 2.5, 2.2, 1.5, and 1 percent, respectively.

While those of Qatar, Bahrain, and Oman edged down between 0.2 and 0.4 percent.

In energy trading, oil prices recorded gains on Wednesday as tight supply outweighed concerns over a potential recession and China’s COVID-19 curbs.

Brent crude added 0.6 percent to $114.28 a barrel and US West Texas Intermediate gained nearly 0.7 percent to $110.53 a barrel as of 9:11 a.m. Saudi time.

Stock news

Unitholders of Jadwa REIT Saudi Fund will receive quarterly dividends of SR37 million ($9.9 million) in total 

Saudi Indian Co. for Cooperative Insurance, known as Wafa Insurance, has been delisted from the Saudi stock exchange

Retal Urban Development Co. announced its offering price range between SR112 and SR120 per share as it seeks to join Saudi Arabia’s initial public offering boom this year

Al Sagr Cooperative Insurance Co. has been suspended from trading on the Saudi exchange due to its failure to announce Q1 financial results in the specified time frame

Jabal Omar Development Co. saw its losses narrow by 47 percent to SR182 million in the first quarter, due to improved post-pandemic business operations

Al Jouf Cement Co. recorded a profit decline of 73 percent to SR5.55 million for the first quarter of 2022

Tourism Enterprise Co., known as Shams, made profits of SR87,549 in the first quarter of 2022 after recovering from SR941,441 losses in the same period a year earlier

Amana Cooperative Insurance Co.’s net loss before Zakat has widened by 25 percent to SR29 million in the first quarter

Arabian Pipes Co. swung into losses of SR13.2 million last quarter

East Pipes Integrated Co. for Industry announced the resignation of board chairman Omar Mohammed-Nabil Almidani as well as its vice chairman Balkrishan Gopiram Goenka

Saudi Cable Co.’s losses slightly widened in the first quarter to reach SR37.2 million

Anaam International Holding Group turned in a profit of SR2.8 million in the first quarter due to a rise in revenue

Shareholders of Scientific & Medical Equipment House are set to receive SR1 per share in cash dividends for 2021

Calendar

May 25, 2022

End of Amwaj International Co.’s IPO subscription

Aqaseem Factory for Chemicals and Plastics Co.’s listing on Nomu

Start of Retal Urban Development Co.’s IPO book-building

May 26, 2022

National Environmental Recycling Co. will start trading on the parallel market Nomu

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

May 31, 2022

End of Retal Urban Development Co.’s IPO book-building

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription


Ritz Carlton, Miraval, Rosewood sign deals with TRSDC to operate resorts on the Red Sea

Ritz Carlton, Miraval, Rosewood sign deals with TRSDC to operate resorts on the Red Sea
Updated 30 min 17 sec ago

Ritz Carlton, Miraval, Rosewood sign deals with TRSDC to operate resorts on the Red Sea

Ritz Carlton, Miraval, Rosewood sign deals with TRSDC to operate resorts on the Red Sea

RIYADH: Three new hotel management agreements were inked with international hotel brands to operate resorts in the first phase of development at The Red Sea Project, the Red Sea Development Co. confirmed on Tuesday.
The announcement was made at the Future Hospitality Summit in Riyadh.
These hotels include Ritz-Carlton Reserve and Miraval hotels – the first to operate in the Middle East – and Rosewood, a global luxury hospitality company.
“This announcement demonstrates industry confidence in The Red Sea Project, with a total of 12 hospitality brands now confirmed, and signifies a growing appetite from global leaders to participate in the expansion of the Saudi Tourism market. With two brands now entering the region for the first time, I believe the future of tourism in the Kingdom is bright,” said John Pagano, CEO at TRSDC.


Ritz Carlton Reserve is situated at the destination’s idyllic Ummahat Islands, whilst Miraval and Rosewood are located on Shura Island, the main hub for the resort. The new collection of hospitality brands collectively features nearly 500 hotel keys of the total 3,000 planned for Phase One.
“Together with our collection of globally recognized and respected partners, we are excited to play our part in opening up this unique and undiscovered part of the world, setting new benchmarks for sustainable development along the way,” Pagano said.
A top executive from Marriott International also shared his thoughts with Arab News about the new deal.
“Nujuma, a Ritz-Carlton Reserve will offer a highly personalized leisure experience that blends intuitive and heartfelt service with stunning natural beauty and indigenous design. The resort will be surrounded by unspoiled natural beauty and designed to blend seamlessly with the environment,” Jerome Briet, chief development officer, Europe, Middle East & Africa, Marriott International told Arab News.


He added: “We will work closely together with the Red Sea team to promote the overall destination, as well as Nujuma, which will be a destination in itself. This is also where the strength of Marriott’s distribution system, our channels and partners will play a key role.  When it opens, the resort will also have access to a network of over 160 million members as part of our loyalty programme, Marriott Bonvoy, which Ritz-Carlton Reserve recently joined.”
The posh hotel companies join a line-up of globally renowned brands that have already confirmed they will operate at The Red Sea Project, including: EDITION Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of IHG Hotels & Resorts; and Jumeirah Hotels & Resorts.
The statement explained that the Red Sea Project has already passed significant milestones and work is on track to welcome the first guests in early 2032, when the first hotels will open. Phase one, which includes 16 hotels in total, will complete by the end of 2023.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.


Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi non-oil exports in March rose 12.8%: GASTAT
Updated 9 min 16 sec ago

Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi Arabia's non-oil exports including re-exports stood at SR28.2 billion ($7.5 billion) in March, from SR22.5 billion in February according to data from the General Authority of Statistics.

Non-oil exports excluding re-exports rose by 22.4 percent year-on-year, on a monthly basis, non-oil exports grew — by S3.2 billion, 12.8 percent.

The report also revealed the Kingdom's merchandise imports increased to SR55.2 billion in March 2022.

Imports grew 9.8 percent from the same month a year earlier and increased by 12.5 percent from the previous month, GASTAT said in its report.

 

 


Wafa Insurance delisted from Saudi stock exchange after bankruptcy

Wafa Insurance delisted from Saudi stock exchange after bankruptcy
Updated 56 min 20 sec ago

Wafa Insurance delisted from Saudi stock exchange after bankruptcy

Wafa Insurance delisted from Saudi stock exchange after bankruptcy

RIYADH: Saudi Indian Co. for Cooperative Insurance, known as Wafa Insurance, has been delisted from the Saudi stock exchange.

The resolution was issued by the Capital Market Authority after a Riyadh court endorsed the decision to liquidate the firm, according to a CMA disclosure on Tuesday.

Wafa Insurance has been suspended from trading since 2018 due to its failure to abide by regulatory measures of announcing financial results in specified time frames.  

The insurer was unable to settle payments to creditors in accordance with its financial reorganization plan, after which it terminated the restructuring plan and went bankrupt.