Arada Developments (“Arada”), the property developer in the Northern Emirates of the United Arab Emirates, has successfully closed a $100 million tap of its existing $350 million Sukuk, which was issued in June and listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors outside the US in reliance on Regulation […]
Banking & Finance
Capital Markets
Saudi Arabia
Saudi Real Estate Refinance Co. issues SAR3 B guaranteed sukuk
Saudi Real Estate Refinance Company (“SRC”), the wholly-owned Public Investment Fund of the Kingdom of Saudi Arabia, has increased its programme limit from SAR 10 billion to SAR 20 billion and issuance of SAR 3 billion (USD798 million)
BMCE Capital Investment, part of the BMCE Capital Group, has launched Fonds Capital Venture, its first private equity fund to support growth in Morocco’s start-up ecosystem. The newly formed MAD 50 million (USD 4.5
Capital Markets
Egypt
Industrial
TCI Sanmar completes Egypt’s first Bonds Issuance via Debt Conversion
TCI Sanmar Chemicals (“TCI Sanmar”) has successfully completed the private placement of the company’s Non-Convertible Debentures (“NCDs”) to nine foreign banks through the conversion of 15% of the total debt of TCI Sanmar into a
Alieldean Weshahi & Partners acted as legal advisor for Contact Financial Holding, a non-bank financial service provider in Egypt, on the closing of an EGP 2 billion (approx. USD 102.5) sukuk issuance, following Financial Regulatory Authority (“FRA”)
Banking & Finance
Capital Markets
Egypt
Dreny & Partners: Efg Hermes completes securitization transaction
Efg Hermes Corp Solutions has successful completed the second securitization transaction amounting to EGP 2 billion, from a multi-issuances program amounting to EGP 3 billion. The issuance was comprised of three tranches, where the first tranche is
Capital Markets
Energy & Trading
United Arab Emirates
Taqa and Mubadala to acquire 40% in 2 power plants
Integrated utilities companies Abu Dhabi National Energy Company (“TAQA”) and Mubadala Investment Company (“Mubadala”) signed binding agreements that will see the acquisition of a 40% in two gas-fired power generation plants in the Talimarjan power
Commercial International Bank (“CIB”), a private sector bank in Egypt, has acquired a minority stake of 15% of El Sewedy for Engineering Industries (“SEI”). The acquisition will see SEI expanding in the local and regional
Capital Markets
Energy & Trading
Qatar
United Arab Emirates
Dentons advises Tabreed on the sale of its 44% stake
National Central Cooling Company (“Tabreed”) has disposed of a 44% stake, valued at AED417 million (USD113.5 million), in Qatar District Cooling Company (“Qatar Cool”) to United Development Company. The proceeds of the transaction will be used
Banking & Finance
Capital Markets
Egypt
MBH: Chimpe 1 Investment acquires stake in Beltone Financial
Chimpe 1 Investment, an entity affiliated with Chimera Investment, has acquired a majority stake (56%) in Beltone Financial Holding at EGP 384.8 million (approx. $20.11 million). The acquisition came as part of Chimera Investment’s plans to
