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Dubai Investments PJSC has renewed its agreement with xCube LLC to continue as the Liquidity Provider for its shares. This move aligns with Dubai Investments' strategy to enhance shareholder value and market performance by improving the tradability of its shares. Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, emphasized the commitment to market liquidity and long-term shareholder value, noting an increase in trading activity and investor confidence. Saad Chalabi, CEO of xCube, highlighted the effectiveness of their data-driven approach to liquidity provision. Dubai Investments, established in 1995, is a diversified investment group in the UAE, managing a broad portfolio of businesses across various sectors.
S&P Global Ratings and Moody's have upgraded Emaar Properties' credit ratings due to its strong financial performance and robust revenue visibility. S&P raised Emaar's long-term issuer credit rating to BBB+ with a stable outlook, while Moody's upgraded it to Baa1 with a stable outlook. These upgrades apply to Emaar's senior unsecured debt as well. As of March 2025, Emaar reported a revenue backlog of approximately AED 127 billion, indicating strong revenue and cash flow visibility through 2028. S&P's decision was influenced by Emaar's record-high backlog and healthy presales in the UAE, along with a net cash position and low leverage. Moody's noted a significant reduction in Emaar's adjusted debt and a decrease in the debt-to-equity ratio from 2020 to March 2025. Mohamed Alabbar, Emaar's Founder, expressed pride in the recognition from the rating agencies, attributing it to the company's strategic strength, asset quality, and disciplined financial management.
Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, won three global awards at the International District Energy Association (IDEA) Conference and Exhibition in Minneapolis, USA. Empower received two gold awards for 'Total Number of Buildings Committed' and 'Total Building Area Committed' for district cooling services outside North America, and an 'Innovation Award Honorable Mention' for optimizing a district cooling plant using machine learning. This marks the eleventh time Empower has won these awards, having previously won in various years since 2005. CEO Ahmad Bin Shafar expressed pride in the recognition, attributing it to continuous innovation and investment in modern technologies like artificial intelligence and machine learning, which enhance energy efficiency and service quality. He praised the team spirit at Empower and extended gratitude to the company's employees for their efforts in achieving these accolades.
Nasdaq Dubai has announced the listing of a USD 500 million Additional Tier 1 Sukuk by Sharjah Islamic Bank (SIB), bringing SIB's total Sukuk listings on the exchange to USD 2.5 billion. This issuance, compliant with Basel III regulations, attracted significant interest from regional and international investors, supporting the bank's long-term growth plans. The listing also highlights Dubai's role in advancing the Islamic capital markets ecosystem. With this addition, the total value of Sukuk listed on Nasdaq Dubai has reached USD 95.7 billion, reinforcing its status as a major venue for Islamic fixed-income securities. Nasdaq Dubai's broader debt capital market now exceeds USD 136 billion across 160 listings, showcasing the growing international confidence in Dubai as a financial hub.
Deyaar Development PJSC has announced the launch of Downtown Residences in Dubai, a significant real estate project featuring twin towers that will become one of the UAE's tallest vertical residential communities at 445 meters with over 110 floors. This ambitious development is strategically located within the area known as the golden triangle, encompassing Sheikh Zayed Road, Downtown Dubai, and Business Bay. It aims to be a new architectural icon in the city with a completion date set for the fourth quarter of 2030. The project will offer a range of luxury living options, including premium apartments, duplexes, penthouses, and a Royal Palace. Amenities will include co-working spaces, AI yoga pods, spas, and dining options. Positioned near the Business Bay metro station, the residences will provide views of downtown Dubai, the Burj Khalifa, the Arabian Gulf, and Sheikh Zayed Road. The development includes 522 residences, and Deyaar's CEO, Saeed Mohammed Al Qatami, stated that the project is intended to set a new standard for luxury living and create investment opportunities, contributing to Dubai's growth and development.