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Saudi Arabia targets $2 billion with new Islamic bonds - Dotemirates
1 week 2 day

Saudi Arabia targets $2 billion with new Islamic bonds

DUBAI: Saudi Arabia has started marketing US dollar-denominated sukuk, or Islamic bonds, with the issue expected to be around $2 billion in size, a document showed on Wednesday.It would be the kingdom’s second international sale of sukuk after a $9 billion transaction last year. The exercise completes Saudi Arabia’s external funding requirements for 2018, according to the document.The kingdom, acting through the ministry of finance, started marketing the notes with an initial price guidance of around 145 basis points over mid-swaps.Citi, HSBC and JPMorgan are coordinating the transaction, and are joint lead managers together with BNP Paribas, Mizuho and Samba...


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Business News

49 minute 44 second

Why Egypt is 'resilient' to emerging market turbulence

Egypt's economy is proving "resilient" in the face of emerging market turbulence and there are additional sources of funding to draw on if needed, the finance minister said. The government will seek around $5 billion in foreign currency bonds in the coming months, the minister, Mohamed Maait, said as well as billions of dollars of budget support already committed by the IMF and other international lenders. Emerging markets generally have been shaken by an escalating trade war between the United States and China, as well as interest rate increases by the Federal Reserve which are attracting funds back to the...
1 hour 11 minute

DEWA discusses cooperation with SAP

DUBAI, 21st September, 2018 (WAM) -- Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, DEWA, and a delegation from SAP, a multinational software corporation, have discussed means of expanding the cooperation through DEWA’s initiatives, programmes, projects, and investment opportunities. They also discussed ways to enhance cooperation and the sharing of best practices and global experiences in the areas of data centres, cloud networks, hosting services, and information technology systems. The delegation included Robert Enslin, SAP Board Member and Global President for SAP Cloud; Gergi Abboud, Senior VP at SAP for Middle East South; Mohammed Samy,...
1 hour 11 minute

Skoda Rapid Onyx Edition launched at Rs 9.75 lakh

Skoda has launched a special edition model of the Rapid for the festive season. Called the Skoda Rapid Onyx Edition, it is a limited-run model, priced from Rs 9.75 lakh to Rs 12.73 lakh (ex-showroom Delhi). This makes it upto Rs 1.57 lakh more expensive than the mid-spec Ambition variant and Rs 1 lakh cheaper than the top-spec Style variant. Here are the prices: Rapid Ambition* Rapid Onyx Rapid Style Petrol MT Rs 8.99 lakh Rs 9.75 lakh (+Rs 76k) Rs 10.75 lakh (+Rs 1 lakh) Petrol AT Rs 9.99 lakh Rs 10.99 lakh (+Rs 1 lakh) Rs 11.99 lakh...

1 hour 21 minute

Govt likely to announce lower borrowing programme next week: sources

New Delhi: The Indian government plans next week to announce lower than expected borrowing needs for the second half of the fiscal year ending in March, said four people briefed on the matter, in a move that could remove some nervousness in the bond market. Senior Indian government officials met with a select group of market participants earlier this week and assured them that the bond market borrowing programme for October to March would be lower than expected, said the sources directly aware of the matter, who asked not to be named as the discussions were private. The meeting, chaired...
2 hour 41 minute

Fitch raises India's 201-19 growth forecast to 7.8 per cent: report

Fitch Ratings has upwardly revised its forecast for India’s economic growth to 7.8 per cent from 7.4 per cent for the current financial year ending in March 2019, it said in a statement on Friday. “The economic outlook is subject to several headwinds including tightening of financial conditions, a rising oil bill and weak bank balance sheets,” the statement added. Indian economy grew 8.2 per cent in April-June quarter and the Reserve Bank of India (RBI) expects Asia’s third-largest economy to grow 7.4 per cent in the 2018-19 fiscal year. end-of
3 hour 8 minute

Google tweaks privacy policy for Indian payment app after Paytm complaint

New Delhi: Google has tweaked the privacy policy of its Indian digital payments mobile application, days after local rival Paytm complained that the US tech giant’s platform allowed disclosure of customer data for advertising and other purposes. Google Pay’s new privacy policy stated that UPI transaction data could be used for monetisation purposes only by the platform itself. But the company said it did not do so now. end-of