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Reliance Plans $2bn Deal with TA’ZIZ

Reliance Plans $2bn Deal with TA’ZIZ

India’s Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) signed a formal shareholder agreement for the TA’ZIZ EDC & PVC project with a total investment of over $2bn (AED7.34bn). TA’ZIZ is a joint venture between Abu Dhabi...

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ADCB Reports 32% Rise in Profits

ADCB Reports 32% Rise in Profits

UAE-based Abu Dhabi Commercial Bank (ADCB) reported a 32% YoY increase in net profits to AED 1.48bn($400mn) during the Q1 2022 driven by steady operating performance and lower cost of risk. Total income remained steady at AED 2.93bn ($800mn) against AED 2.92bn...

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The Week That Was (18-24 April, 2022)

The Week That Was (18-24 April, 2022)

US primary market issuances rose significantly to $47.9bn vs. $17bn in the week prior with Investment grade (IG) corporates issuing $47.6bn of deals while high yield (HY) issuances were at nil. The largest IG deals were dominated by US banking majors after their...

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KWG Downgraded to B by Fitch

KWG Downgraded to B by Fitch

KWG Group was downgraded to B from B+ by Fitch due to declining liquidity and financial flexibility. KWG's total cash and bank balances declined 33.9% to RMB 29.4bn ($4.5bn) in 2021, while available cash dropped 81% to RMB 7.7bn ($1.2bn). This shows its deteriorating...

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