Business & Money | Thursday 21 December, 2023 9:51 am

ADIB, Aldar Properties close AED 1 billion sustainability linked financing deal

Abu Dhabi Islamic Bank (ADIB) has arranged an AED 1 billion sustainable bilateral facility for Aldar Properties PJSC (Aldar). The financing takes Aldar’s total ESG financing facilities to AED 4.8 billion as the company transitions towards sustainable financing for its projects and...

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Business & Money | Thursday 21 December, 2023 9:46 am

Data residency in Saudi: MarTech leader WebEngage bets big on the Kingdom’s thriving business ecosystem

WebEngage, the leading marketing automation platform specializing in customer retention, today announced its ambitious roadmap for KSA. The marketing technology (MarTech) company will create data residency in December, subsequently storing clients’ data within the country, in a move reflective of ...

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Business & Money | Thursday 21 December, 2023 9:44 am

Avenues Al Khobar’s cornerstone laid for SAR 7.2B project, anticipated opening in 2027

Prince Saud Bin Nayef Bin Abdulaziz, Governor of the Eastern Province, presided on Dec. 20 over the cornerstone ceremony for the Avenues-Al Khobar project.   With a value exceeding SAR 7.2 billion, the project will be implemented by Shomoul Holding and is anticipated to be...

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Business & Money | Thursday 21 December, 2023 9:42 am

PureHealth Holding's share price soars 76% on first day of trading on ADX

PureHealth Holding's share price soared by more than 76% on its first day of trading on the Abu Dhabi Securities Exchange (ADX) today, closing at AED5.74 The share's opening price was AED3.26, before hitting a high of AED6.00 during the trading session. The company's market capitalisation also ...

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Business & Money | Thursday 21 December, 2023 9:39 am

Central Bank reports 10% growth in cash deposits to AED687.2 billion by end of October

The Central Bank of the UAE (CBUAE) released data showing cash deposits surged to AED 687.2 billion this October, marking a substantial annual increase of 10.2 percent, or AED 63.7 billion, compared to AED 623.5 billion in October 2022. Breaking it down further, the Central Bank's cash...

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Business & Money | Thursday 21 December, 2023 8:51 am

Al Akaria’s subsidiary wins SAR 722.1M contract from DGDA

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), secured a contract worth SAR 722.1 million, including VAT, from the Diriyah Gate Development Authority (DGDA). The contract entails the execution of excavation works and related activities for...

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Business & Money | Thursday 21 December, 2023 8:49 am

Sports Boulevard sets up REIT worth SAR 1B for Arts District

The Sports Boulevard Foundation signed an agreement with Ajdan Real Estate Development Co. and Albilad Capital to set up a private real estate investment fund worth SAR 1 billion, with the aim of establishing a mixed-use project to develop the Arts District, which is one of the eight areas of...

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Business & Money | Thursday 21 December, 2023 8:47 am

Jabal Omar plans capital hike via SAR 547.5M debt conversion

Jabal Omar Development Co.' s board of directors recommended increasing capital through converting SAR 547.5 million worth of debt into new shares for creditors.   In a Tadawul statement, the company said it aims to improve liquidity and financial health by settling...

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Business & Money | Thursday 21 December, 2023 8:45 am

Cenomi Centers, Cenomi Retail end merger talks

The boards of directors of Arabian Centres Co. (Cenomi Centers) and Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) agreed to end their discussions on a merger, until further notice.   In separate statements to Tadawul, the companies stressed their belief in the strategic benefits...

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Business & Money | Wednesday 20 December, 2023 4:35 pm

New Murabba appointed AtkinsRéalis to masterplan the world’s largest modern downtown in Riyadh

The New Murabba Development Company (NMDC), a fully-owned subsidiary of the Public Investment Fund (PIF), Saudi Arabia, has appointed AtkinsRéalis (TSX: ATRL), a fully integrated professional services and project management company with offices around the world, to support the...

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