Category: Trading

Doha: HE Chairman of the Real Estate Regulatory Authority Eng. Khalid bin Ahmed Al Obaidli met on Tuesday with HE Ambassador of the Republic of Singapore to the State of Qatar Wong Chow Ming.

The meeting discussed aspects of bilateral relations between Qatar and Singapore in areas of common interest and ways to enhance and support aspects of cooperation in the field of real estate regulation.

Source: Qatar News Agency

DUBAI: Spinneys today announced the price range for the sale of its shares and the start of the subscription period for its Initial Public Offering (IPO) on the Dubai Financial Market (DFM).

The Offer Price Range has been set between AED1.42 and AED1.53 per Share, implying a market capitalisation at the time of listing of between c. AED5.11 billion (c. US$1.39 billion) and c. AED5.51 billion (c. US$1.50 billion).

Spinneys Holding announced that 900,000,000 Shares, each with a nominal value of AED0.01, will be made available in the Offering, representing 25% of the Company’s total issued share capital.

All Shares to be offered are existing shares held by Al Seer Group LLC, the selling shareholder, who reserves the right to amend the size of the Offering at any time before the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA).

Emirates International Investment Company LLC (EIIC) and Templeton Asset Management
and Franklin Templeton Investments, as investment managers on behalf of certain funds and accounts, will be cornerstone investors in the IPO with a total commitment of AED275 million ($75 million).

The IPO subscription period starts today and is expected to close on Monday, 29th April 2024, for UAE Retail Investors and on Tuesday, 30th April 2024, for Professional Investors.

The final offer price will be determined through a book-building process and is expected to be announced on Wednesday, 1st May 2024.

Admission of Shares to trading on DFM (Admission) is expected to take place on Thursday, 9th May 2024.

Sunil Kumar, CEO of Spinneys, said, “We have seen very strong interest in our IPO since announcing our intention to float, and we are delighted to be opening subscriptions to investors in the UAE and international markets.

“Ours is a business that offers continued growth with a strong track record built on the expansion of our store network, increasing online penetration, our differentiated private lab
el offering, and a vertically integrated supply chain – combining to deliver strong profitability. Our future growth is expected to be further supported by our planned entry into the Saudi market, the introduction of new formats and the expansion of our e-commerce business. We look forward to announcing the final offer price next week and, in due course, welcoming new shareholders to be a part of our growth story.”

Source: Emirates News Agency

ABU DHABI: Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has signed a partnership with Core42, a G42 company and full-spectrum AI enablement solutions provider to mark the commencement of the implementation of Open Finance within the UAE, one of the nine initiatives within the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.

The signing ceremony was attended by Khaled Mohamed Balama, Governor of the CBUAE, which was signed by Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE and member of Al Etihad Payments Company, and Kiril Evtimov, Chief Executive Officer of Core42.

The launch comes within the framework of supporting the comprehensive vision of the UAE to establish global standards for the open finance sector, and continuing to build on successful experiences to provide the strongest open finance mechanism in the world. The UAE is the first country globally to implement a consolidated trust framewor
k and centralised API hub, which will enable a single secure connection to access the whole of the banking and insurance markets, whilst ensuring that access is only granted, with customer consent, to third parties regulated by the CBUAE.

This initiative is also an essential part of the CBUAE’s ongoing efforts to achieve its vision and strategic objectives, by providing new opportunities in the financial services sector including enhancing digital financial inclusion. Open Finance provides a platform that gives customers the power and capability to securely and efficiently share the data of their financial products with third parties or other financial institutions. It also allows customers to initiate payments and other financial transactions via third parties, in addition to obtaining quotes for potential financial services.

Open Finance enables product and service innovation, and most importantly, allows financial services to become more customer-centric and ’embedded’ – seamlessly combined within other
industries’ digital ecosystems to support and enable their services. All participants will be under the CBUAE licensing and supervision regulations. The Open Finance will commence with Open Banking followed by Open Insurance, in phases which will provide access to the majority of customers in 2024.

AEP has also engaged with Ozone API and Raidiam as technology providers within the consortium led by Core42 for its Open Finance Implementation.

Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, said, ‘The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse r
ange of financial products.’

Source: Emirates News Agency

Doha: Qatar Electricity and Water Company (QEWC) recorded a net profits of QR 318 million in the first quarter of 2024, compared to QR 401 million for the same period in 2023, a 21 percent decrease.

The company stated that the earnings per share for the first quarter of 2024 amounted to QR 0.29, compared to QR 0.36 for the same quarter of 2023.

The company’s revenues for the first quarter reached QR 687 million, compared to QR 658 million for the same period in 2023, representing a 4 percent increase.

QEWC enjoys excellent financial status according to Moody’s, with a strong credit rating of ‘A1’ and a stable outlook.

QEWC was established in 1990 with a capital of QR 1 billion and is listed on the Qatar Stock Exchange.

Source: Qatar News Agency

ABU DHABI: Etihad Airways flight EY1 from Abu Dhabi to New York arrived at John F. Kennedy International Airport on Monday, heralding the start of the airline’s A380 double-decker service featuring The Residence, the legendary, sumptuous three-room suite in the sky.

Antonoaldo Neves, CEO of Etihad Airways, said, “We’re thrilled to introduce our A380 experience to New York, confident that our guests will relish the exceptional onboard journey.

“Introducing the A380 to the popular New York route aligns with our strategy to meet increasing customer demand and expand our network. It comes just three weeks after we launched our new route to Boston, our fourth US gateway, underlining our commitment to serving and growing the North American market.”

The addition of the A380 significantly boosts Etihad’s capacity in the vital US market, providing convenient connections to the broader Middle East and the Indian subcontinent.

The increase in capacity will also make it easier to attract a greater number of visitors
to Abu Dhabi.

One of Etihad’s two daily flights to New York will be serviced by the A380, while the other will be operated by a 787-9, offering First, Business, and Economy cabins.

Source: Emirates News Agency