DUBAI: Developer Emaar Properties is planning a benchmark bond sale amid improving real estate sentiment in the emirate.
The Dubai-listed company said it was arranging investor calls for the planned sale which forms part of its $2 billion trust certificate issuance program.
It has hired Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank and Standard Chartered Bank as lead managers and joint book runners, it said in a stock exchange filing on Monday.
Emaar Properties has received an improved outlook from S&P Global Ratings this week, helped by a recovering Dubai property market.
The developer of the world’s tallest tower was moved to a stable outlook from negative as property prices in some areas of the emirate improved for the first time since 2015.
The developer has reported a surge in pre-sales in the UAE to 10.5 billion dirhams ($2.85 billion) for the first five months of 2021, compared to 6.3 billion dirhams reported for all of 2020.
S&P Global Ratings expect a rebound in the company’s earnings this year with earnings before interest, taxes, depreciation and amortization (EBITDA) likely to exceed 8 billion dirhams.
“After a tough 2020, data for first-quarter 2021 suggests that the residential real estate market in Dubai has bottomed out and now offers attractive opportunities for developers, especially for premium properties,” S&P said in a statement.
Emaar to hold investor calls ahead of bond sale
https://arab.news/pv8ty
Emaar to hold investor calls ahead of bond sale
- The Dubai-listed company said it was arranging investor calls for the planned sale which forms part of its $2 billion trust certificate issuance program
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
