It’s been a mad few weeks with work and wouldn’t want it any other way as I am enjoying working with SVN so much. Mainly due to all the different investment options for our clients. As you know, I was in the US for just under two weeks for work and I flew back only for us to leave the next day as it was EID, so decided to take a few days off with the hooligans and fly to the Maldives and I must say if you’re ever going to the Maldives, I would highly recommend Jumierah resort Island which has been fantastic the service second to none along with some great restaurants and the villas are simply stunning. We were lucky enough to go turtle snorkelling in one of the reefs and saw a few beautiful turtles unfortunately on another excursion to see dolphins we weren’t lucky enough to see any dolphins. We also took the little submarine around the island which was fun for the kids. The kids loved the welcome we got on the first day with everybody out to say hello to us as we joined them on the island with drums necklaces and flowers for us all.
Because it’s been Eid there’s not been too many emails to deal with so that has meant I could really chill with the kids.
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After what was a booming year for real estate in the United Arab Emirates (UAE), debt issuance in the sector is expected to slow amid a possible correction in property prices next year, according to market participants.
According to data from Dealogic, real estate companies in the Middle East raised approximately USD 3.6bn across the bond and sukuk markets in 2023, with the UAE contributing around USD 2.1bn to this total.
That included debuts from Sobha Realty, which priced a USD 300m 8.75% July 2028 sukuk in July, and FIVE Holdings, which placed a USD 350m 9.375% 5NC2 senior secured Reg S/144A green bond in September, as well as a number of debt sales by DAMAC Real Estate Development.
This market activity followed an already busy 2022, with approximately USD 3.5bn being raised by the sector in the region, and USD 3.8bn in 2021, according to data from Dealogic.
Only USD 600m was raised in 2020 amid the coronavirus pandemic.
Starting this Wednesday (June 19), those violating various parking rules in Abu Dhabi’s Al Ain city risk having their vehicles towed away by the authorities.
Strict curbs have come into force with the Department of Municipalities and Transport (DMT), represented by Abu Dhabi Mobility (AD Mobility), announcing the launch of the vehicle towing service.
According to Abu Dhabi Mobility, vehicles in Al Ain will be towed on the basis of the violation committed. For instance, vehicles found without license plates in the parking area will be towed immediately to the Mawaqif Vehicle Impounding Yard at Al Ain industrial area.
In addition, vehicles will be towed if they are displayed for sale, used for commercial, advertising, or promotional purposes, or if they occupy a parking space without a permit or with an expired permit.
The vehicle towing service is meant to push enforcement of the Mawaqif Regulation Law aimed at regulating public parking usage and improve traffic flow across the city’s areas.
A group backed by BlackRock and Citadel Securities on Wednesday announced plans to launch a stock exchange in Texas, challenging the New York Stock Exchange to try to attract foreign companies.
TXSE said it raised about $120 million in capital and will file to register with the US Securities and Exchange Commission this year.
The group said it will be a “fully electronic, national securities exchange” based in Dallas.
In a statement, the TXSE Group said the Texas Stock Exchange will enable US and global companies access to US equity capital markets.
“Changes in equities trading markets are driving more volume to exchanges and more choices for issuers and sponsors,” said James Lee, founder and chief executive of TXSE Group.
TXSE intends to hold its first listing in 2026, The Wall Street Journal first reported.
The arrival of TXSE would come decades after regional exchanges in Boston, Philadelphia and Chicago joined Nasdaq or the NYSE, the two standard stock exchanges in the US.
Large companies have been lured to the conservative US state in recent years from progressive states California and New York.
Elon Musk’s Tesla moved its headquarters to Texas in 2021, and he is asking shareholders to move the company’s articles of incorporation from Delaware to the border state.
Oracle and Hewlett Packard have also made the move to Texas, and JP Morgan now employs more workers in the Lone Star state than in New York.
Texas had a net immigration of more than 7,200 companies and nearly 103,000 jobs from 2010 to 2019, according to the Federal Reserve Bank of Dallas.
The state credits its friendly tax rates, emergence as a major tech centre and its dominance in the US energy sector as reasons companies are seeing it as a beneficial business partner.
The Journal reported the exchange would be friendlier to executives who have faced stronger regulations at Nasdaq and the NYSE.
“Texas and the other states in the south-east quadrant have become economic powerhouses,” Mr Lee said.
“Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas.”
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No update this week.
