Saudi Arabia’s ADES Holding Company has attracted $76.5bn (SAR286.9bn) in orders for its $1.2bn initial public offering (IPO) on the Saudi Exchange, in what is set to be the country’s biggest listing of the year. ADES set the final offer price for the offering at SAR13.50 per share, implying a market capitalisation of SAR15.2bn at listing. According to oil and gas drilling and production services provider, the demand level represents a subscription coverage of 62.7 times, while the recorded orders from institutional investors stood at around SAR286.9bn.
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Dubai’s Roads and Transport Authority (RTA) has awarded a $163.4m (Dhs600m) contract for the upgrade of Oud Metha and Al Asayel roads as part of the broader Sheikh Rashid Corridor Development Project that seeks to accommodate the city’s expanding urban landscape and growing population. The development project connects Al Asayel Street to Al Khail Road via Al Nawras Street and provides an exit to Oud Metha and Al Nawras Streets. RTA will build four major intersections as part of the upgrade, 4,300 metres of bridges, and 14 km of roads as part of the Oud Metha and Al Asayel road upgrade. The development will serve residential and commercial areas, including Zabeel, Al Jaddaf, Oud Metha, Umm Hurair, Latifa Hospital and Al Wasl Club. The Oud Metha and Al Asayel road upgrade project is expected to serve more than 420,000 people by the end of the decade. It will significantly enhance the capacity of Oud Metha Street, increasing it from 10,400 vehicles per hour to 15,600 cars per hour, a 50 per cent improvement. Roads and Transport Authority | #Dubai | #RTA
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Hafeet Rail, the $2.5bn network project connecting the UAE and Oman, has secured a $1.5bn financing facility from a consortium of local, regional, and global lenders. The funds will be drawn in both conventional and Islamic tranches in UAE dirhams and Omani rials. The UAE bank consortium included Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, Abu Dhabi Islamic Bank and Ajman Bank. Banks from Oman were Ahli Bank, Bank Dhofar, Bank Muscat, National Bank of Oman, Oman Arab Bank, Ahli Islamic Bank, Bank Muscat’s Meethaq Islamic Banking unit, Bank Nizwa and Alizz Islamic Bank. Regional and global banks included Jordan’s Arab Bank, the National Bank of Kuwait and the UK’s Standard Chartered Bank. Hafeet Rail, a collaborative venture between Etihad Rail, Mubadala Investment Company, and Oman’s Asyad Group, is set to revolutionise travel between Abu Dhabi and Sohar. Freight trains will traverse the route at a remarkable speed of 120 km/hour, reducing travel time to just 100 minutes. Etihad Rail | #Railway | #Oman | #UAE | #Logistics
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Ratan Tata, the former Tata Group chairman who put a staid and sprawling Indian conglomerate on the global stage with a string of high-profile acquisitions, has died, the Tata Group said in a statement late on Wednesday. He was 86. Tata, who ran the conglomerate for more than 20 years as chairman, had been undergoing intensive care in a Mumbai hospital, two sources with direct knowledge of his medical situation told Reuters earlier on Wednesday. “It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation” the company said. Ratan Tata “was a visionary business leader, a compassionate soul and an extraordinary human being,” Indian Prime Minister Narendra Modi said on social media platform X. “Extremely pained by his passing away. My thoughts are with his family, friends and admirers in this sad hour.” After graduating with an architecture degree from Cornell University, he returned to India and, in 1962, began working for the group his great-grandfather had founded nearly a century earlier. Ratan Tata | Tata Group | #RatanTata | #TataGroup
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