Jeddah developer restarts world’s tallest tower
Almabani (local)
Sudan: Global Leaders Warn of Inaction in Face of Atrocities
The international community should mobilize to address the disaster unfolding “before our eyes,” Tirana Hassan, executive director of Human Rights Watch, and the leaders of over 50 international human rights and humanitarian organizations said today. Their statement notes that Sudan is “no longer at the precipice of mass atrocities; it has fallen over the edge.”
Almost five months since fighting broke out in Khartoum, Sudan’s capital, the conflict, rife with human rights abuses, has now spread to Darfur and the states of South Kordofan and Blue Nile. Sexual violence is rising, civilians are facing widespread deliberate and indiscriminate attacks, and journalists and human rights defenders are being silenced. But, the United Nations Security Council, which has had Sudan on the agenda for decades, has yet to pass a single substantive resolution grappling with the ongoing crisis.
“The UN Security Council should move from talk to action and begin negotiations to pass a resolution that challenges the climate of impunity, reiterates that international law requires providing safe, unhindered humanitarian access, and redirects international efforts to better protect Sudan’s most vulnerable,” the leaders said in their joint statement.
The senior leaders’ appeal, which they referred to as an attempt to “sound the alarm,” was issued on September 13 to coincide with a meeting of the Security Council on the situation in Sudan. The statement warns that, “the costs of inaction are mounting.” The leaders committed to work together to urge “more aid to, more solidarity with, and greater attention to the needs of Sudan’s civilians.”
Inside Sudan, over 20 million people, 42 percent of Sudan’s population, face acute food insecurity and 6 million are just a step away from famine. At least 498 children have died from hunger. Clinics and doctors have come under fire throughout the country, putting 80 percent of the country’s major hospitals out of service. Since April, when open hostilities began in Khartoum, more than five million people have been forced to flee their homes and hundreds of thousands of others may soon be forced to join them.
Comments from senior leaders endorsing the statement: “In the face of mounting atrocities in Sudan, the Security Council has neglected its responsibility to robustly respond,” said Tirana Hassan, executive director of Human Rights Watch. “The world’s foremost body on international peace and security should not remain silent in the face of grave international crimes.”
“In the past few months, we’ve seen the refugee camps where we work in Chad swell with people forced from their homes,” said Mark Hetfield, president and CEO of the refugee protection organization HIAS. “Darfuris are arriving hungry, wounded, and traumatized. They need urgent assistance and protection, but they also need the world to mobilize for an end to the targeted violence that is causing so much death, devastation, and displacement across Sudan.”
“After Rwanda, the world promised that we would never again allow genocide and other mass atrocities to take place on the African continent,” said Niemat Ahmadi, president and founder of the Darfur Women’s Action Group. “Then, in 2003, Darfur shocked the world. But despite global outrage those most responsible were never brought to justice. It is heartbreaking to see the same patterns at work again. This time, such serious international crimes should not go unpunished.”
“Civilians in Sudan are caught in an endless cycle of death and destruction, with countless lives lost to violence in the last five months,” said Agnès Callamard, Amnesty International’s secretary general. “The Security Council cannot continue to look away: it should demand a significant increase in humanitarian support for Sudan, and extend the existing arms embargo to all of Sudan and ensure its enforcement.”
Sharjah Chamber Delegation Showcases Investment Prospects at Cityscape Global 2023 in Saudi Arabia
A high-level business delegation from the Sharjah Chamber of Commerce and Industry (SCCI), represented by the Real Estates Sector Business Group, has visited Cityscape Global 2023, a premier global event highlighting the best in the exhibition sector, held at the Riyadh International Convention & Exhibition Centre in the Kingdom of Saudi Arabia from September 10 to 13.
As part of the official visit aimed at reviewing the latest best practices in the real estate exhibition sector in Saudi Arabia, the delegation, including key figures such as Ibrahim Rashid Al Jarwan, Director of Economic Relations and Marketing at SCCI, Obaid Abdul Rahman Al Mazloum, Director of the Real Estate Projects Organization Department at the Real Estate Registration Department, and Amjad Awad Al Karim, Head of the Working Groups at SCCI, held business meetings to showcase promising investment opportunities in Sharjah’s real estate sector.
During the event, which brought together over 85 countries and 350 exhibiting companies, attracting 2,000 investors, the delegation highlighted initiatives and events hosted by the Sharjah Chamber to bolster this crucial sector, including the Sharjah Real Estate Investment Exhibition (ICRES).
The delegation kicked off its official visit with an expanded business meeting with the Real Estate National Committee of the Federation of Saudi Chambers. Attended by Yahya Mohammed Abu Ras, Chairman of the Real Estate National Committee, and Hassan Al Arishi, Chairman of the Real Estate Committee at the Jazan Chamber, the meeting discussed ways to bolster bilateral partnerships and highlighted successful experiences to stimulate investments in the real estate sector. Discussions also touched on the organization of a joint real estate event aimed at further cementing cooperation between the two nations.
Furthermore, the delegation visited the King Abdullah Financial District (KAFD)’s pavilion at Cityscape and engaged in discussions with Abdullah Al Ajlan, a representative of KAFD, and several officials. The discussions revolved around the specialization and types of international financial and economic companies based in Saudi Arabia, as well as the exceptional services provided by KAFD.
Ibrahim Rashid Al Jarwan emphasized the SCCI’s commitment to driving collaboration with its Saudi counterparts to the next level, particularly in the burgeoning real estate sector that is witnessing remarkable growth in both the Kingdom and Sharjah. He said that Cityscape Global has been an invaluable platform to highlight the potential investment prospects in Sharjah’s real estate sector and foster connections with industry experts and exhibition organizers.
He further highlighted the importance of such meetings in developing innovative strategies that would fuel cooperative efforts and promote the promising real estate and investment projects in both regions. Al Jarwan reaffirmed the SCCI’s keenness to enhance the collaboration between “ACRES” and “Cityscape”, and encourage participation from companies at the local, regional, and international levels.
Agthia Group Shareholders Approve AED 65.31 Million Interim Dividend for H1’23
Agthia Group PJSC (AGTHIA:UH), one of the region’s leading food and beverage companies, held its General Assembly Meeting virtually today. During the meeting, shareholders approved the Board’s proposed interim cash dividend of 8.25 fils per share (AED 65.31 million) for the 6 months ending 30th June 2023.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Our interim dividend reflects Agthia’s robust balance sheet and strong cash generation, and continued confidence in its future growth prospects as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond.”
Alan Smith, CEO of Agthia Group, added: “Agthia’s performance during the first half of 2023 is a testament to our ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core.
Our strong cash generation enables us to accelerate investment in capacity, sustainability, and digital excellence to futureproof our growth, while delivering an attractive return for all stakeholders.”
Agthia Group recently announced strong first-half results, with Group Net Revenue increasing 10.3% year-on-year to AED 2.2 billion, EBITDA increasing 18.3% supported by margin expansion in Snacking, Protein and Water & Food, and a 6.6% increase in Group Net Profit. The Group’s balance sheet remained robust with cash and equivalents of AED 0.6 billion and liquidity of AED 2.0 billion.
EFG Hermes Saudi Forum in London Highlights Compelling Opportunities in the Kingdom’s Capital Market
EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announces the commencement of its EFG Hermes Saudi Forum in London today. Under the theme of ‘Looking for Sustainable Growth’, the two-day event is being held in collaboration with the Saudi Exchange and will play host to over 50 leading Saudi companies across various sectors as well as 375 guests from around the world, including representatives from the Saudi Capital Market Authority (CMA), the Public Investment Fund (PIF), as well as over 200 institutional investors and fund managers from over 120 global investment firms.
The first of EFG Hermes’ flagship London conferences since 2019, this iteration is solely dedicated to the Kingdom of Saudi Arabia. The EFG Hermes Saudi Forum in London features prominent guest speakers, including His Excellency and Chairman of the CMA Board Mohammed A. El-Kuwaiz, as well as CEO of the Saudi Exchange Mohammed Al Rumaih. In attendance from EFG Holding are Group CEO Karim Awad, Co-CEO of EFG Hermes Mohamed Ebeid, and CEO of EFG Hermes in KSA Saud Altassan.
Mohamed Ebeid, Co-CEO of EFG Hermes, expressed enthusiasm for hosting the conference, saying: “The EFG Hermes Saudi Forum in London will serve as a platform to showcase Saudi Arabia’s investment-friendly landscape, diverse sectors, and transformative Vision 2030 initiatives. It represents a remarkable opportunity to foster deeper connections and understanding between Saudi-listed companies and Emerging Market (EM) investors, allowing us to do our part in supporting the kingdom’s economic growth and capital market development. Despite being the sixth-largest index in terms of market capitalization in the MSCI Emerging Market Index, Saudi Arabia continues to be under-represented in the portfolios of EM investors. As such, the conference is a testament to our confidence in Saudi Arabia’s growing capital market, our commitment to creating fruitful opportunities for EM investors, and an ultimate ambition to cultivate sustainable economic development.”
The Saudi market is one of the largest and most liquid EM indices, with a market capitalization of over USD 3 trillion as of September 2023. The market has been attracting increased foreign inflows since its inclusion in major global indices such as the MSCI Emerging Markets Index in 2019 and FTSE Russell’s Emerging Markets Index in 2018. It offers exposure to a wide range of sectors benefiting from Saudi Arabia’s strides to diversify the economy and implement strategic reforms under Vision 2030. The kingdom has emerged as a global investment powerhouse, attracting investors from all corners of the world as it continues to buck global economic headwinds, with equities showing attractive valuations and dividend yields compared to regional and global peers. The investment conference seeks to build on this momentum and to highlight the kingdom’s potential across sectors such as finance, technology, energy, infrastructure, tourism, and more.
Mohammed Al Rumaih, CEO of the Saudi Exchange, commented: “Our participation in this forum reflects the growing interest of international investors in our market and reiterates our commitment to building a technologically advanced capital market in line with Vision 2030’s Financial Sector Development Program. As we continue to undergo transformative reforms and enhancements to our regulatory framework, market infrastructure, and product offerings, we remain committed to providing a world-class platform for investors and issuers looking to capitalize on the diverse opportunities in Saudi Arabia. Our collaboration with key partners like EFG Hermes is a crucial part of our strategy to promote sustainable market liquidity and foster global investor interest.”
The forum will offer a platform for presenting companies to showcase projects and initiatives that create avenues for investment and innovation. Investors will have a chance to explore potential collaborations, forge strategic partnerships, and gain first-hand knowledge of the kingdom’s investment climate. The EFG Hermes Saudi Forum is part of EFG Hermes’ successful track record of hosting high-profile conferences that connect global investors with leading companies in FEM. The Firm has hosted over 30 conferences across four continents since 2007. In March 2023, the Firm held its flagship One-on-One Conference in Dubai, with 179 companies in numerous key sectors across 29 countries holding direct meetings with over 561 institutional investors and fund managers representing 247 international institutions.
Saudi Pro League clubs spend US$957 million in record-breaking football transfer window
The 2023 summer transfer window saw Saudi Pro League clubs spend a record US$957 million, according to Deloitte’s Sports Business Group, resulting in a net spend of US$907 million, second only to the Premier League’s net transfer spend (US$1.39 billion). Gross transfer spend across Europe’s ‘big five’ leagues totaled US$6.10 billion in this summer’s window, an almost US$1.25 billion increase on last summer’s total (2022: US$4.85 billion). Gross spend increased compared to the previous summer in all the ‘big five’ leagues except La Liga.
Almost half of the transfer fees received by Premier League clubs from overseas (US$698 million) came from Saudi Pro League clubs. These transfer receipts (US$312 million) were concentrated among eight clubs, with four of these among the Premier League’s ‘big six’. Two Premier League clubs, Fulham and Liverpool, saw 100% of their transfer receipts come from Saudi Pro League clubs.
Across the rest of Europe, receipts from Saudi Pro League clubs were at US$148 million, US$122 million, US$116 million and US$32 million in Ligue 1, Serie A, La Liga and Bundesliga respectively.
Izzy Wray, Deloitte’s Sports Business Group, said, “The ambitious number of player acquisitions and the caliber of players signed by Saudi Pro League clubs demonstrate the Kingdom’s commitment to propelling the SPL to become a leading football league on the world-stage. This is still early days of what we can call phase one of the Saudi Pro League project, and the futuristic view is also reflected by the lowered average age of the league compared to last season.”
“This marks the first time since 2016 that another international league has outspent any of Europe’s ‘big five’ during a football transfer window, with new players bringing the promise of new fans and partners to strengthen the SPL’s prominence. European football continues to be the benchmark for the game globally, and the Saudi investment in the game will divert its focus towards the infrastructure, to elevate the level of Asian football.”
“The SPL spending is still at one third of the Premier League’s gross spend this summer, the focus of Saudi clubs will now be on securing the success of the league’s transformation journey and its financial sustainability. The development of the league will depend on growing the professionalization and governance of clubs, the development of young playing talent and attracting a new, international fanbase.”
“The implementation of the Kingdom’s privatization program is likely to draw a wave of interest around the SPL, potentially fueling the current spending pattern for the windows to come. With the spending power of the SPL already surpassing some of Europe’s ‘big five’, it remains to be seen the impact this will have on the make-up of elite football for future generations.”
EFG Hermes issues securitization bonds worth 472 million pounds to the Egyptian Real Estate Refinancing Company
EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully concluded advisory on the first issuance for Egyptian Mortgage Refinance Company (EMRC) in a securitized bond offering worth EGP 472 million. This comes as the first issuance in a newly approved EGP 3 billion securitization program.
With this landmark securitization program, EMRC has become the first refinance mortgage company to securitize portfolios for mortgage companies in the Egyptian market. As EMRC operates as a refinance mortgage company, it acquired the securitized portfolio from Bedaya Mortgage Finance, which assumed the role of the transaction’s servicer.
The issuance is structured as follows:
- Tranche A – valued at EGP 66.1 million with a tenor of 13 months and a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS)
- Tranche B – valued at EGP 193.5 million with a tenor of 36 months and a credit rating of AA from MERIS
- Tranche C – valued at EGP 212.4 million with a tenor of 69 months and a credit rating of A from MERIS
Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes, commented: “The successful completion of the EMRC securitization issuance underscores EFG Hermes’ commitment to driving innovation and progress within the financial market. This achievement not only amplifies our expertise as a financial services leader but also paves the way for transformative advancements in the mortgage landscape. EFG Hermes continues to reinforce its role as a pioneer in Egypt’s debt capital market, advising on an extensive variety of securitization deals in the country and garnering widespread investor interest. We are proud to have been a part of this milestone, supporting growth and innovation in the mortgage industry.”
Commenting on the issuance, Ehab Abou Ali, Managing Director from EMRC, said: “This milestone marks an important advancement for both EMRC and the primary mortgage market in Egypt. By securitizing portfolios for mortgage companies, we aim to enhance their liquidity, strength capital structure and promote accessibility for homeowners and prospective buyers. This collaboration with EFG Hermes aligns with our mission to facilitate the development of the housing finance sector and will aid us in the realization of our goals and long-term growth strategy.”
This issuance comes on the heels of EFG Hermes’ successful closing of an EGP 472.5 million securitized bond for Palm Hills Development (PHD), and an EGP 958 million issuance for Bedaya Mortgage Finance. The investment banking division also concluded an EGP 805.5 million issuance for Madinet Masr (previously Madinet Nasr for Housing and Development), Al Taamir Mortgage Finance – Al Oula’s EGP 998.5 million issuance, Valu’s EGP 856.5 million issuance, as well as an EGP 986 million issuance for Misr Italia Properties.
EFG Hermes acted as the transaction’s bookrunner, underwriter, and co-financial advisor alongside Al Ahli Pharos. Dreny and Partners acted as the transaction’s legal advisor, while KPMG acted as the auditor. National Bank of Egypt (NBE) and Arab African International Bank (AAIB) acted as the underwriting banks, with AAIB acting as the transaction’s custodian.
Demand for air travel continues to rise in July
The International Air Transport Association (IATA) announced that the post-COVID recovery momentum continued in July for passenger markets.
• Total traffic in July 2023 (measured in revenue passenger kilometers or RPKs) rose 26.2% compared to July 2022. Globally, traffic is now at 95.6% of pre-COVID levels.
• Domestic traffic for July rose 21.5% versus July 2022 and was 8.3% above the July 2019 results. July RPKs are the highest ever recorded, strongly supported by surging demand in the China domestic market.
• International traffic climbed 29.6% compared to the same month a year ago with all markets showing robust growth. International RPKs reached 88.7% of July 2019 levels. The passenger load factor (PLF) for the industry reached 85.7% which is the highest monthly international PLF ever recorded.
“Planes were full during July as people continue to travel in ever greater numbers. Importantly, forward ticket sales indicate that traveler confidence remains high. And there is every reason to be optimistic about the continuing recovery,” said Willie Walsh, IATA’s Director General.
Air passenger market in detail – July 2023
World July 2023 (% year-on-year)
share1 RPK ASK PLF (%-pt)2 PLF (level)3
TOTAL MARKET 100.0% 26.2% 23.7% 1.7% 85.2%
Africa 2.1% 25.0% 26.3% -0.8% 74.6%
Asia Pacific 22.1% 67.1% 53.4% 6.7% 81.6%
Europe 30.8% 11.7% 11.5% 0.2% 87.7%
Latin America 6.4% 15.5% 11.4% 3.1% 86.7%
Middle East 9.8% 21.9% 21.0% 0.6% 82.1%
North America 28.8% 13.2% 11.9% 1.0% 89.7%
1% of industry RPKs in 2022 2Change in load factor 3Load factor level
International Passenger Markets
Asia-Pacific airlines saw a 105.8% increase in July 2023 traffic compared to July 2022, continuing to lead the regions. Capacity climbed 96.2% and the load factor increased by 3.9 percentage points to 84.5%.
European carriers’ July traffic rose 13.8% versus July 2022. Capacity increased 13.6%, and load factor edged up 0.1 percentage points to 87.0%.
Middle Eastern airlines posted a 22.6% increase in July traffic compared to a year ago. Capacity rose 22.1% and load factor climbed 0.3 percentage points to 82.6%.
North American carriers had a 17.7% traffic rise in July 2023 versus the 2022 period. Capacity increased 17.2%, and load factor improved 0.3 percentage points to 90.3%, which was the highest among the regions for a second consecutive month.
Latin American airlines’ traffic rose 25.3% compared to the same month in 2022. July capacity climbed 21.2% and load factor rose 2.9 percentage points to 89.1%.
African airlines saw a 25.6% traffic increase in July 2023 versus a year ago, the second highest percentage gain among the regions. July capacity was up 27.4% and load factor fell 1.0 percentage point to 73.9%, the lowest among the regions. For a second month in a row, Africa was the only region to see capacity growth outrun traffic demand.
Air passenger market in detail – July 2023
World July 2023 (% year-on-year)
share1 RPK ASK PLF (%-pt)2 PLF (level)3
Domestic 41.9% 21.5% 16.7% 3.3% 84.5%
Dom. Australia4 1.0% 3.5% 8.5% -4.1% 83.2%
Domestic Brazil4 1.5% 3.6% -0.1% 3.0% 83.4%
Dom. China P.R.4 6.4% 71.9% 49.1% 10.5% 79.2%
Domestic India4 2.0% 21.1% 13.3% 5.3% 83.3%
Domestic Japan4 1.2% 13.4% 1.3% 7.8% 72.7%
Domestic US4 19.2% 11.1% 9.5% 1.3% 89.2%
1% of industry RPKs in 2022 2Change in load factor 3Load factor level
4 Note: the six domestic passenger markets for which broken-down data are available account for approximately 31.3% of global total RPKs and 74.6% of total domestic RPKs
China’s domestic traffic jumped 71.9% in July compared to a year ago and is now 22.5% above July 2019 levels, which was the strongest gain against pre-pandemic levels among the domestic markets.
US airlines’ domestic demand climbed 11.1% in July and was 3.0% above the July 2019 level.
The Bottom Line
“The Northern Hemisphere summer is living up to expectations for very strong traffic demand. While the industry was largely prepared to accommodate a return to pre-pandemic levels of operations, unfortunately, the same cannot be said for our infrastructure providers. Performance of some of the key air navigations services providers, for example, has been deeply disappointing for many reasons from insufficient staffing to the failure fiasco of NATS in the UK. These must be promptly corrected. Even more worrying, however, are political decisions by some governments—among them Mexico and the Netherlands—to impose capacity cuts at their major hubs that will most certainly destroy jobs and damage local and national economies. The numbers continue to tell us that people want and need air connectivity. That’s why governments should be working with us so that people can travel safely, sustainably and efficiently,” said Walsh.
Sharjah Chamber and Sharjah Police launch ‘Economic Sustainability Forum 2023’
The Sharjah Chamber of Commerce and Industry (SCCI), has announced it will host the “Economic Sustainability Forum 2023”, an event that will be organized by Sharjah Police to promote the quality of security services across various economic, industrial, and commercial sectors, aligning them with top-tier international standards. Taking place on October 5, 2023, the forum seeks to boost security sustainability and foster economic growth in the Emirate of Sharjah.
The announcement was made during a coordination meeting at the chamber’s headquarters attended by Amjad Awad Al Karim, Head of the Working Groups at SCCI, and Mohammed Al Khayyal, Senior Public Relations and Protocol Executive at Sharjah Chamber. Also present were officers Major Humaid Khalfan Al Kindi, Major Abdullah Abdul Razzaq Al Qanati, Captain Abdullah Rashid Al Kindi, and Captain Nadia Abdul Rahman Al Hosani from the Sharjah Police, in addition to several other chamber officials.
During the meeting, participants discussed the forum’s agenda and the ongoing preparations for its organization. Major Humaid Khalfan Al Kindi emphasized the commitment of Sharjah Police to promoting security as part of its strategic plans. He pointed out that economic prosperity and an improved quality of life cannot be realized without ensuring a safe and stable society by a visionary police management.
The SCCI stressed that, as part of its strategic relationship with Sharjah Police, both parties will spare no effort to cooperate and spur the economic growth of Sharjah. The forum will serve as a key convening ground for public entities within the emirate to strengthen economic growth and sustainability, not just within Sharjah but across the UAE. The event is expected to foster a secure and safe environment, having a tangible positive impact on the economic dynamism of businesses, the chamber said.
In addition, the SCCI highlighted that the coordination meeting was a critical platform to discuss the ongoing preparations for the Economic Sustainability Forum 2023 and provided an opportunity to address vital topics aimed at ensuring the forum’s success and its alignment with strategic goals, particularly bolstering the security of economic entities.
ADX lists $1.5 billion of dual-tranche TAQA bonds on its main market
Abu Dhabi Securities Exchange (ADX) is pleased to announce the secondary listing of Abu Dhabi National Energy Company PJSC (TAQA) dual-tranche $1.5 billion bonds on its main market.
The 5-year $500 million notes, maturing in 2029, were issued as conventional bonds with a 4.375% coupon, while the 10-year $1 billion tranche, maturing in 2033, was priced with a 4.696% coupon – with coupon payments being made to bondholders on a semi-annual basis.
Moreover, the 10-year notes were structured as green notes – TAQA’s first green issuance – with the proceeds being used to finance, refinance and invest in eligible green projects in line with TAQA’s Green Finance Framework. The dual-tranche senior unsecured notes – which form part of TAQA’s Global Medium Term Note Programme – will now be listed on both ADX and the London Stock Exchange (LSE). This listing brings the overall debt instruments listed on ADX to 44.
Commenting on the secondary listing, Mr. Abdulla Salem Alnuaimi, Chief Executive Officer of Abu Dhabi Securities Exchange, said: “TAQA’s sizeable secondary bond listing on ADX reflects our ongoing and successful efforts to increase the number of listings across our growing debt market. In line with these efforts, we continue to demonstrate our ability to diversify and broaden the range of securities on offer across ADX markets to benefit of our market participants.”
“This listing also demonstrates the increasing prevalence of bonds that have witnessed a sharp rise with numerous ADX-listed companies issuing green bonds. Aligned to green finance frameworks, these issuances support the continued development of ESG and sustainability across our market, aligned with the UAE’s efforts and net zero ambitions.”
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director commented: “TAQA is pleased to announce the secondary listing of our dual-tranche bonds onto the Abu Dhabi debt market in partnership with ADX, including our first TAQA-issued green bond. As a low-carbon power and water champion, we see green finance and decarbonization projects as key growth opportunities for our business driven by local and international investors’ growing demand for credible green investments. Furthermore, we are positioning ourselves as one of the region’s leaders when it comes to green financing with our Green Finance Framework, our ESG Strategy and 2030 emissions reduction targets. TAQA is a company that represents the energy transition in action with ambitious decarbonization targets and a credible strategy to get us there.”
At the time of issuance, the order book was nearly 10 times oversubscribed, with regional and international investors placing total orders of over $15 billion. In line with TAQA’s corporate credit rating, the notes are rated Aa3 by Moody’s and AA- by Fitch, reflecting TAQA’s robust financial position and Abu Dhabi’s strong macroeconomic fundamentals and outlook.
