Daily Archives: September 8, 2019

SHUAA Capital signs an agreement exiting non-core businesses

ABU DHABI, SHUAA Capital, the UAE-based financial services group, which recently completed a transformational merger with Abu Dhabi Financial Group L.L.C. (ADFG), announced on Sunday that it had agreed to sell its SHUAA Securities brokerage and market-making businesses in the UAE to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), pending regulatory approvals.

IHC is an investment holding company with diverse interests, listed on the Abu Dhabi Securities Exchange.

Under the terms of the all-cash deal, IHC will acquire the operations of both businesses, which currently function as stand-alone business units within SHUAA, said a statement issued on Sunday. This sale is part of the strategy of the combined entity to exit non-core businesses and focus on Asset Management and Investment Banking.

Source: Emirates News Agency

Miral announces AED625 million Yas Village development

ABU DHABI, Miral, an Abu Dhabi Government-backed developer, has announced its investing AED625 million in Yas Village, a property development project on Yas Island.

Phase one construction works commenced in May 2018 and is now 40 percent complete, with Singapore-based Steppe Capital partially investing in the development.

Commenting on the announcement, B.R. Kiran, Chief Portfolio Officer of Miral, said, “Yas Village, the first affordable residential development on Yas Island, brings a modern and welcoming living community to the Island. As we continue to attract quality investments within Miral’s various ongoing and upcoming projects on Yas Island, we are delighted to have Steppe Capital invest in the development of phase one of Yas Village. Once complete, we look forward to welcoming employees from the island and its surrounding areas within Abu Dhabi to become residents of this inclusive community.”

Comprising of one and two-bedroom units, the development’s phase one is scheduled for handover by the end of 2020 with a total of 994 units. As for phase two, it will bring an additional 758 units to Yas Village. The development is spread across 108,600 square metres.

Source: Emirates News Agency

OFID commits US$45m to Vietnam’s transport infrastructure

VIENNA, The Director-General of the OPEC Fund for International Development, OFID, Dr. Abdulhamid Alkhalifa has signed a US$45 million loan agreement with Vietnam’s Minister of Finance Dinh Tien Dung for the Da Nang City Transport Project.

OFID’s loan will help complete construction of the city’s crucial ring road, which will improve the connectivity of southeast and western rural regions to the city center. The project will boost access to employment opportunities and social amenities, ultimately supporting socioeconomic development and benefiting over one million people directly.

OFID’s delegation to Vietnam led by the Director-General met with the country’s Prime Minister Nguyen Xuan Phuc and Vice Minister of Planning and Investment Vu Dai Thang to discuss OFID-Viet Nam cooperation, which spans more than 40 years.

Alkhalifa commented, “We are proud to see the people of Vietnam benefiting from OFID’s co-financed projects and we are eager to further grow our partnership with Vietnam, which is already well established. We would be honoured to be thought of by the country’s people as Vietnam’s development partner.”

Vietmam’s PM, in turn, stated, “I very much appreciate what OFID has done in Vietnam. We should continue this fruitful cooperation.”

Visits were also made to project sites of other OFID-funded operations, including the successfully-completed Central Transport Hospital in Hanoi and multi-sectoral projects in Ha Tinh Province.

OFID’s high-level delegation to Vietnam also included Assistant Director-General, Public Sector Operations Fuad Albassam, and Country Officer Dr. Jaafar Al-Mahdi.

To date, OFID has approved 21 public sector loans totaling close to $284 million to Vietnam in support of the agriculture, education, energy, health and transport sectors.

Source: Emirates News Agency

Foreign Ministry receives Slovakian Ambassador’s credentials

ABU DHABI, Ahmed Sari Al Mazrouei, Under-Secretary of the Ministry of Foreign Affairs and International Cooperation, MoFAIC, has received a copy of the credentials of Michal Kovac, the newly appointed Ambassador of Slovakia to the UAE.

Al Mazrouei wished the Ambassador success in his role in strengthening UAE-Slovak ties.

The new ambassador expressed his pleasure at representing his country in the UAE, hailing its regional and international stature, thanks to the policies of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Source: Emirates News Agency