Finance World Magazine| Edition: October 2024

AD Ports in UAE Refinances Loans on Better Terms After Fed Rate Cut
AD Ports Group, rated A+ by S&P
and AA- by Fitch, has secured
refinancing agreements with two
UAE banks for its $2.25B syndicated
loan, benefiting from the recent US
Federal Reserve rate cut. This refinancing
is expected to save the company
up to AED 44M in finance costs
over the next year. The original loan,
taken in April 2023, has been replaced
with an AED 9.2B medium-term facility,
maturing in 2.5 years, and an AED
1B short-term facility, maturing in 1.5
years. The new arrangements extend
the debt maturity to 2026 and beyond.
CFO Martin Aarup emphasised that
these agreements enhance financial
flexibility and enable the Group to
capitalise on easing interest rates for
future refinancing opportunities.
Ajman Chamber,
Pakistan Discuss
Trade
Salem Al Suwaidi, Director General
of Ajman Chamber of Commerce
and Industry, met with
Hussain Muhammad, Consul General
of Pakistan, to explore opportunities
for enhancing bilateral trade and investment,
focusing on manufacturing,
agriculture, and renewable energy. The
meeting, also attended by Ali Rashid
Al Kaitoob and Ali Zeb Khan, aimed to
establish direct communication channels
for potential collaboration between
Ajman and Pakistan. Al Suwaidi
highlighted the significance of this
dialogue, which is vital for fostering
joint ventures. He noted that in 2023,
4,194 Pakistani businessmen joined
the Ajman Chamber, primarily in the
retail, construction, manufacturing,
and hospitality sectors, underscoring
the growing economic ties between
the two regions.
Dubai Chambers Highlights Global Partnership
Opportunities
Dubai Chambers hosted the 12th
edition of its ‘Diplomatic Circle,’
attracting over 100 ambassadors,
consul generals, and commercial attachés
from the UAE. This event aimed to bolster
economic cooperation between
Dubai and the international community.
Attendees learned about opportunities
within Dubai’s economy and the
chambers’ initiatives to enhance trade
and investment partnerships globally.
Dubai Electricity and Water Authority
(DEWA) is a Main Sponsor at
the Intelligent Transport Systems
(ITS) World Congress 2024, the leading
global event for smart mobility. DEWA
showcased its key green mobility initiatives,
particularly the Electric Vehicle
(EV) Green Charger programme, which
facilitates the transition to sustainable
transport through advanced EV charging
infrastructure. Saeed Mohammed Al
In his address, Abdul Aziz Abdulla Al
Ghurair, Chairman of Dubai Chambers,
emphasised the crucial role of diplomats
in fostering international cooperation
and building effective partnerships. He
noted that collaboration with the diplomatic
corps has been vital to Dubai’s
success, highlighting the importance of
their contributions in achieving shared
objectives and strengthening global ties.
DEWA Highlights Green Mobility Projects at ITS
World Congress
Tayer, MD & CEO of DEWA, highlighted
that hosting the congress underscores
Dubai’s prominence in the smart mobility
sector and its commitment to integrating
disruptive technologies like IoT, AI, and
Big Data. Al Tayer also mentioned DEWA’s
support for the Dubai Quality of Life
Strategy, which includes expanding EV
charging networks and reducing transport
sector carbon emissions, aligning with
the Dubai Clean Energy Strategy 2050.
Oct 2024 www.thefinanceworld.com 17