Saudi Arabia has begun to explore extracting lithium from sea water
business1 hour ago
The Sukuk structure has been approved by Tamweel's Shariah board. Wasim Saifi, Group Chief Executive Officer of Tamweel, said: "Following the successful closure of our benchmark-sized convertible Sukuk earlier this year, this latest issue marks another innovative financing solution which has met with a great response from the investment community. We were confident of the success of the transaction but we are pleasantly surprised by the market's interest in the issue across the board. The strong investor response to Tamweel's fund-raising exercise despite difficult credit conditions in other important markets reinforces the company's sound fundamentals and the confidence in the growth of the Emirates' economy, as a whole. The funds raised from the issue will further support Tamweel's rapidly growing real estate finance business, providing better and more cost-efficient funding mechanisms."
Gaurav Agarwal, Group Chief Financial Officer of Tamweel said: "The success of this transaction shows the strength of Tamweel's brand in the investment community. We have seen strong interest to subscribe from Islamic institutions, banks, asset management companies and high net worth individuals for this transaction."
Tamweel achieved 259 per cent growth in net profits for the first half of 2008, reaching Dh387.3 million, compared to Dh 108.03 million for the first half of 2007.
Net profits for the second quarter of 2008 touched Dh 210.95 million, an increase of 266 per cent from Dh 57.56 million achieved in the second quarter of 2007.
Saudi Arabia has begun to explore extracting lithium from sea water
business1 hour ago
Speaking after meeting Lebanese leaders, French foreign minister says there had been "a lot of progress" over the French proposals
mena1 hour ago
The three-shot winner from Japan says he is aiming to become a member of the PGA Tour in the future
sports1 hour ago
Big-hitting Nienaber falters at the finish to settle for secondwhile former Abu Dhabi resident David Horsey takes the third spot at Saadiyat Beach Golf Club
sports2 hours ago
The UAE is India's second-largest export destination after the US
economy2 hours ago
Islamabad is seeking a larger long-term agreement with the fund after a current $3 billion standby arrangement expires this month
economy2 hours ago
Prior to halting operations, WCK had distributed more than 43 million meals in Gaza since October
world3 hours ago
Thomas Bach, IOC president, attributes the revival of interest in hosting the Olympics to reforms undertaken on his watch
sports3 hours ago