UAE In-Focus: BOC lists $300m bonds on Nasdaq Dubai; Khalifa Ports expands 

UAE In-Focus: BOC lists $300m bonds on Nasdaq Dubai; Khalifa Ports expands 
The new listing increased the value of Chinese institutions’ bonds currently listed on Nasdaq Dubai to $ 7.5 billion through 13 issuances. (Supplied)
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Updated 14 December 2022

UAE In-Focus: BOC lists $300m bonds on Nasdaq Dubai; Khalifa Ports expands 

UAE In-Focus: BOC lists $300m bonds on Nasdaq Dubai; Khalifa Ports expands 

RIYADH: In a first-of-its-kind listing in Dubai, the Bank of China’s Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent as BOC’s previous such listing was issued by its Abu Dhabi branch in 2015.  

Highlighting Nasdaq Dubai’s significant role in strengthening links between capital markets in Dubai and China, Li Xuhang, consul-general of the People’s Republic of China, rang the market opening bell to celebrate the listing of $300 million bonds on Nasdaq Dubai.  

“A” rated by Fitch Ratings, the bonds are part of the bank’s $40 billion bond issuance program as it wants to use the proceeds for general corporate purposes.  

The new listing increased the value of Chinese institutions’ bonds currently listed on Nasdaq Dubai to $ 7.5 billion through 13 issuances. 

The new issuance was listed on Nasdaq Dubai on Dec. 6, 2022, raising the total value of debt instruments listed on the region’s international financial exchange to $111.6 billion, underpinning Dubai’s leading position as a global capital markets hub. 

Abu Dhabi's Khalifa Port expansion 

Abu Dhabi's Khalifa Port expansion, which was inaugurated by UAE President Sheikh Mohamed bin Zayed Al-Nahyan, is expected to increase handling capacity, with a total investment of 4 billion dirhams ($1 billion).  

With the implementation of the project which includes the expansion of Khalifa Port’s South Quay, Khalifa Port Logistics, and Abu Dhabi Terminals, the port complex has grown from 2.43 sq. km to 8.63 sq. km. This has also resulted in its quay being extended from 2.3 km to 12.5 km.  

Khalifa Port now provides 21 berths, “positioning it among the global elite of deep-water ports, with an estimated value of 20.4 billion dirhams,” AD Ports Group, which owns Khalifa Port, said in a statement.   

The expansion project is set to make a major contribution to AD Port Group’s goal of increasing the handling capacity at Khalifa Port to 15 million 20-foot equivalent units per year by 2030, and the general cargo handling capacity to 25 million tons.  

ADNOC Drilling accelerates business growth   

As part of its fleet expansion and growth strategy, ADNOC Drilling signed an agreement to acquire an additional two premium high-specification offshore jack-up drilling units at a combined cost of $200 million.  

ADNOC said the acquisition is a key enabler of its accelerated oil production capacity target of 5 million barrels per day by 2027.  

The company has almost doubled its offshore jack-up rig fleet to 32 since early 2021, with further significant expansion expected in 2023 and beyond.  

This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.  

With the addition of the latest two high-specification rigs, the company will operate one of the largest offshore jack-up fleets in the world, with plans for further growth.  

FTA launches strategy to explore future of tax sector  

In line with international best practices, the UAE Federal Tax Authority has launched its strategy to explore the future of the tax sector and strive for world-leading tax procedures. 

The strategy is built on a thorough assessment and follows comprehensive plans developed to map out the future of the UAE tax system, according to a press release.  

The FTA stated that launching the strategy formed part of its activities to mark World Future Day 2022. 


Aviation leaders set to pave way for sustainable travel at IATA’s annual meet

Aviation leaders set to pave way for sustainable travel at IATA’s annual meet
Updated 13 sec ago

Aviation leaders set to pave way for sustainable travel at IATA’s annual meet

Aviation leaders set to pave way for sustainable travel at IATA’s annual meet

RIYADH: Global aviation leaders are set to pave the way for a more sustainable future in the International Air Transport Association’s 79th annual general meeting that will begin in Istanbul, Turkiye, on June 4.

The three-day event will attract industry experts from IATA’s 300-member airlines, government officials, strategic partners and equipment suppliers. 

“Airlines will meet to review the industry’s recovery from COVID-19, to plan the way forward to a more sustainable future, to discuss the opportunities for technology to drive efficiencies from modern retailing to improved facilitation, and to understand the common regulatory challenges they face,” Willie Walsh, IATA’s director general, said before the start of the event. 

This will be the second time IATA’s AGM has been hosted by Istanbul since 2008. The country is rebounding strongly after the pandemic. In 2022, travel from and to Turkiye increased nearly 60 percent compared to the year before, and it is now the seventh-largest international passenger market in the world, the Emirates News Agency, also known as WAM, reported. 

“Aviation is important. Connecting the world even as geopolitical divides deepen is a vital mission that requires profitable, safe, efficient and sustainable airlines. The outcomes of this IATA’s AGM must set the direction for even more effective global connectivity,” Walsh said. 

He added: “Since we were last in Istanbul, Turkiye has become an incredible global aviation powerhouse. Its carriers are leading the way in regional and international connectivity, and the magnificent new airport puts some other nations’ lack of airport investment to shame. There’s no doubt that Turkiye’s importance to global aviation will continue to grow significantly.” 

The meeting will address current challenges in the industry, the sector’s contribution to Turkiye’s recent earthquake recovery, and updates on sustainable travel, besides holding award ceremonies. 


Saudi Arabia seeks Japanese investment in fast-growing mining sector

Saudi Arabia seeks Japanese investment in fast-growing mining sector
Updated 17 min 42 sec ago

Saudi Arabia seeks Japanese investment in fast-growing mining sector

Saudi Arabia seeks Japanese investment in fast-growing mining sector

Saudi Arabia, Japan explore investment opportunities in Kingdom’s mining sector   

RIYADH: Backed by recent reforms in the mining sector, Saudi Arabia sought the participation of Japanese firms in its massive exploration activities that aimed to attract SR40 billion ($10.6 billion) in investment.  

As part of the Invest Saudi initiative, top ministry officials of the Kingdom and Japanese business leaders met in Tokyo between May 31 and June 2 to discuss ways to accelerate mutually beneficial partnerships and investment opportunities.

The Saudi-Japan Mining and Minerals Meeting provided a comprehensive overview of Saudi Arabia’s ambitious mining strategy while highlighting the significance of its National Investment Strategy.  

The officials also gave an overview of the Saudi system for mining licenses, outlining various exploring opportunities available for medium- and long-term investments.  

The three-day event also held a workshop jointly organized by the Kingdom’s Ministry of Investment, the Ministry of Industry and Mineral Resources and the Japan Oil, Gas and Metals National Corp., also known as JOGMEC.  

It focused on supporting Japanese companies to invest in the Kingdom’s mining sector and its supply chain. 

Rich in natural resources, Saudi Arabia has undertaken several policy initiatives in recent years to make its mining sector attractive to private investors.  

The Kingdom’s strategic location and robust infrastructure also offered lucrative opportunities for firms to strengthen their global supply chain.   

In March, Saudi Arabia’s industry ministry issued 27 new mining licenses, totaling 2,314.  

The Kingdom has been striving to transform the mining sector into the third pillar of the national strategy. This effort involves substantially exploring its natural resources across 5,300 sites valued at SR5 trillion.   

It boasts over 20 distinct mineral types, including gravel, gold, iron, copper, granite and marble.

The Kingdom also features 35 specific geological formations, known as mineral belts, with abundant mineral deposits.   

In March, Saudi Arabia announced the indicative timelines for the bidding cycles of five new mineral exploration opportunities. These sites are Ar Ridaniyah, Umm Hadid, Bir Umq, Jabal Sahabiyah and Muhadad.   

These initiatives align with Saudi Arabia’s Vision 2030, which aims to elevate the mining sector’s contribution to the gross domestic product to $64 billion by 2030.  

Furthermore, the industry ministry’s monthly bulletin recently pointed out that the total volume of industrial investments in Saudi Arabia amounted to SR1.42 trillion as of December 2022. 


Australia seeks to boost economic ties with Saudi Arabia, says envoy

Australia seeks to boost economic ties with Saudi Arabia, says envoy
Updated 30 min 54 sec ago

Australia seeks to boost economic ties with Saudi Arabia, says envoy

Australia seeks to boost economic ties with Saudi Arabia, says envoy
  • Trademark Group of Companies opens office in Riyadh to explore opportunities, deepen relations

RIYADH: Eyeing economic opportunities in Saudi Arabia and providing a platform for Australian companies to explore and deepen trade ties with the Kingdom, Trademark Group of Companies opened its office in Riyadh on Saturday.

Trademark Group of Companies is dedicated to helping Australian businesses to expand into Saudi Arabia and the wider Gulf Cooperation Council region, and vice versa.

Talking to Arab News on the sidelines of the Australian Saudi Business Networking Event in the Kingdom’s capital, Australian Ambassador Mark Donovan said the opening of the office will help both countries explore investment opportunities in various sectors including healthcare, construction, manufacturing, and agriculture.

It was the second Australian Saudi Business Networking Event hosted this year, and it witnessed CEOs and decision-makers from 22 companies exploring potential opportunities in the Kingdom.

“I think having the Trademark office here is going to be a big boost to bringing business delegations. In February, Trademark brought the largest Australian business delegation to visit the Kingdom. So, if we keep up the pace of those business delegations, then the commercial opportunities are going to grow and deals will be done,” the top diplomat said.

Trademark Group is a group of businesses within the construction, development and industrial manufacturing sector in Australia.

It is a community of businesses that come together and share investment opportunities, ideas and create relationships.

It serves as a platform that explores growth opportunities in different parts of the world.

Earlier in January, the first delegation from Australia comprising 51 companies visited the Kingdom, while another delegation is scheduled to visit the Kingdom by the end of this month.

The Australian envoy is optimistic about boosting trade and investment ties with Saudi Arabia in various sectors. “I think there’s a lot of areas where Australia can lend expertise and form partnerships with Saudi Arabia. Our strengths at the moment are in the education sector, the health sector, engineering, and other areas where I would like to see that expand, are construction, manufacturing, and industrial sectors.”

He admitted that agricultural trade between the two countries has always been strong. “The agricultural commodities trade between Australia and Saudi Arabia is very strong. Fertilizer goes to Australia and agricultural commodities come back (to the Kingdom). And on the back of that, I think we can probably also look at agricultural technical expertise,” said Donovan.

Donovan said the opening of free economic zones will elevate Australian exports to the Kingdom as the “commercial opportunities (created) through those free zones will be too good to turn down.”

The envoy said that the changing business environment in the Kingdom is expected to attract more investments from Australia.

Earlier speaking at the networking event, Donovan said the Kingdom’s Vision 2030 has made it an ideal destination to do business.

“Australia is ideally placed to partner in this. We have more similarities with Saudi Arabia than we realize. We are, of course, fellow G20 economies. We both recently announced ambitious targets for greening our economies and mitigating the effects and the impact of climate change to which we are both more vulnerable than most,” the ambassador added.

Sam Jamsheedi, founder and chairman of Trademark Group of Companies, told Arab News that the launch of an office in Riyadh will help Australian companies soft land in Saudi Arabia.

“The ecosystem is the most important part. So, the way we deal with the (Australian) delegation, we try to expose them to government sectors first, and after understanding how the ecosystem works, we try to expose them to businesses,” said Jamsheedi.

According to Jamsheedi, some of the sectors that could make use of Australian talents in the Kingdom are construction, architecture, and engineering, especially considering the fact that Saudi Arabia is developing large infrastructure projects like NEOM.

Jamsheedi pointed out that most of the Australians currently residing in Saudi Arabia are working on big projects like NEOM and the Red Sea.

The official called on Saudi companies to explore investment opportunities in Australia as it is one of the booming and safest economies of the world.

Lauding the growth of Saudi Arabia, Todd Miller, trade and investment commissioner at the Australian Trade and Investment Commission, said that Riyadh is a budding site for businesses.

Miller said the office of the Trademark Group of Companies will help Australian firms adapt themselves to the Saudi market.

Earlier in April, a report released by the Australian Trade and Investment Commission noted that Saudi Arabia’s mining sector offers huge investment opportunities for Australian companies dealing with equipment, technology, and other related services.

It noted that more opportunities will emerge in the digital sector, quality and safety solutions, environmental services, and mine safety equipment and services over the coming years.

Saudi Arabia’s diplomatic relationship with Australia dates back to 1974 when the Australian embassy was opened in Riyadh.

The two countries signed an agreement to strengthen mutual economic and technical relations in Riyadh on March 22, 1980, followed by the opening of the first Saudi Embassy in Canberra in 1983.


Biden signs debt limit bill, avoiding US default

Biden signs debt limit bill, avoiding US default
Updated 04 June 2023

Biden signs debt limit bill, avoiding US default

Biden signs debt limit bill, avoiding US default

WASHINGTON: President Joe Biden on Saturday signed a bill that suspends the US government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare.
The House of Representatives and the Senate passed the legislation this week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations.
The Treasury Department had warned it would be unable to pay all its bills on Monday if Congress had failed to act by then.
Biden signed the bill at the White House a day after hailing it as a bipartisan triumph in his first-ever Oval Office address to the nation as president.
The bill signing, which was closed to the press, marked a low-key, symbolic end to a crisis that vexed Washington for months, forced Biden to cut short an international trip in Asia and threatened to push the US to the brink of an unprecedented economic crisis.
“Thank you to Speaker McCarthy, Leader Jeffries, Leader Schumer, and Leader McConnell for their partnership,” the White House said in a statement announcing the bill’s signing, naming the Democratic and Republican leaders of the House and Senate.
Officials later released a ten-second clip of Biden silently signing the document at the White House.
“It was critical to reach an agreement, and it’s very good news for the American people,” Biden said on Friday. “No one got everything they wanted. But the American people got what they needed.”
The Republican-controlled House voted 314 to 117 to approve the bill, and the Democrat-controlled Senate voted 63 to 36.
Fitch Ratings said on Friday that the US’ “AAA” credit rating would remain on negative watch, despite the agreement allowing the government to meet its obligations.


Prince Fahad bin Mansour Al-Saud represents Saudi Arabia at G20-Startup20 engagement group

Prince Fahad bin Mansour Al-Saud represents Saudi Arabia at G20-Startup20 engagement group
Updated 04 June 2023

Prince Fahad bin Mansour Al-Saud represents Saudi Arabia at G20-Startup20 engagement group

Prince Fahad bin Mansour Al-Saud represents Saudi Arabia at G20-Startup20 engagement group
  • Al-Saud expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for the exemplary support they provide to entrepreneurs.
  • “Today we witness the impact of this support on the entrepreneurship system in the Kingdom. This has resulted in accelerated growth in our national economy,” he said.

RIYADH: Prince Fahad bin Mansour Al-Saud has been chosen to represent Saudi Arabia in the G20-Startup20 engagement group, the Saudi Press Agency reported on Saturday.

Launched earlier this year under the Indian Presidency of G20 2023, the Startup20 engagement group is one of 11 official networking groups.

Al-Saud expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for the exemplary support they provide to entrepreneurs.

“Today we witness the impact of this support on the entrepreneurship system in the Kingdom. This has resulted in accelerated growth in our national economy,” he said.

Having been appointed to represent the Kingdom due to his extensive entrepreneurial experience, Al-Saud stressed the importance of Saudi Arabia’s participation in the Startup20 official group summit.

“The Kingdom is a leading country in entrepreneurship and an enabler for startups under Vision 2030, which aims to raise small and medium enterprises’ contribution to GDP from 20 percent to 35 percent,” he said.

The chair of the board of directors of the Saudi Entrepreneurship Vision, Al-Saud said that the Startup Summit in India was an opportunity to exchange creative and innovative ideas, find strategic partnerships and investment opportunities, and learn about the experiences of the G20 countries, in addition to promoting the projects of Saudi entrepreneurs.

The group is distinguished as the first official group specialized in emerging companies, which are considered the most critical engines of economic growth and sustainable development, according to SPA’s report.

The group seeks to communicate the voice of the global start-up system through the G20 countries, and recommendations will be developed to be formally submitted to the G20 leaders for consideration.

Outreach groups are independent collaborative groups led by civil society organizations in the host country each year.

Al-Saud has founded several companies in various fields. He holds a bachelor’s degree in entrepreneurship from Loyola Marymount University, Los Angeles, California.