Banking & Finance Shuaa Capital reaches final phase of restructuring plan By Pramod Kumar December 30, 2024, 10:04 AM Wam The approval of the tranches will allow Shuaa to grow at its full potential, said CEO Wafik Ben Mansour Dubai-listed investment bank Shuaa Capital has reached the final phase of its restructuring plan with the approval of two mandatory convertible bond tranches of up to AED425.5 million ($115.85 million). The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement, with mandatory conversion into shares at AED0.32 per share. The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a Shuaa-related special-purpose entity under the same conversion terms. Both tranches will be converted into equity at the earliest opportunity post-issuance, pending approvals from shareholders and regulatory authorities. Pricey homes and packed hotels: the year in GCC real estate Dubai’s Shuaa Capital shares plunge to all-time low Shuaa sells Business Bay plot to Danube for $52m The AED0.32 per share conversion price underscores Shuaa’s strategic growth trajectory and enhanced financial position. CEO Wafik Ben Mansour said Shuaa will enter a growth phase after the capital restructuring plan is completed.
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 4 hours ago
Construction Turkey to build low-cost housing to ease rent pressures Turkey has unveiled a new scheme to provide affordable homes for low-income earners and first-time buyers aimed at easing inflationary pressures generated by rising rents and helping to support the housing sector. Vice president Cevdet Yılmaz announced on Friday that state housing agency TOKİ would be overseeing the new low-cost housing programme, with work to […] 4 hours ago
Trade Jordan and Qatar trade volume rises 6% in 2024 Trade between Jordan and Qatar increased by 6 percent year on year in 2024 amid growing economic ties. The total volume reached QR910 million ($250 million), up from QR860 million in 2023, the state-run Petra news agency reported, citing data released by Qatar’s planning and statistics authority. Jordan’s exports to the Gulf state include consumer and […] 2 hours ago
Economy Arab investments in Egypt’s economy reach nearly $40bn Foreign direct investments from Arab countries into Egypt reached $39.5 billion in the last quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector reached $37.5 billion, accounting for 95.3 percent of the total incoming investments, Arabic-language Al Arabiya Business reported citing the central bank of Egypt data. […] 2 hours ago
