{"id":105544,"date":"2025-07-15T00:00:00","date_gmt":"2025-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-gulfnav-wraps-bond-sale-to-fund-brooge-ma-play-sca-issues-goodwill-framework-for-public-firms\/"},"modified":"2025-07-15T00:00:00","modified_gmt":"2025-07-15T00:00:00","slug":"this-morning-gulfnav-wraps-bond-sale-to-fund-brooge-ma-play-sca-issues-goodwill-framework-for-public-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/07\/15\/this-morning-gulfnav-wraps-bond-sale-to-fund-brooge-ma-play-sca-issues-goodwill-framework-for-public-firms\/","title":{"rendered":"THIS MORNING: GulfNav wraps bond sale to fund Brooge M&A play + SCA issues \u201cgoodwill\u201d framework for public firms"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s only getting busier as the week drags on, and the first trickles of earnings season suggest it will keep getting busier\u2026 <\/p>\n

Today\u2019s issue has a bit of everything <\/strong>\u2014 another acquisition from Mubadala<\/strong>, a report from Julius Baer listing Dubai as the seventh most expensive city in the world<\/strong>, Wizz Air<\/strong> shutting down its Abu Dhabi operations, and more. <\/p>\n

ALSO- Speaking of the most expensive city: <\/strong>Whoever among you is staying put in the summer and not joining the exodus to cooler destinations can enjoy the massive annual sale hitting malls as of next weekend \u2014 and lasting through to 10 August. This next Friday specifically will see all Majid Al Futtaim malls launch 12-hour sales with up to 90% off at some stores. (Friendly advice:<\/strong> Avoid the late afternoon and try to make it early in the morning before things get crazy). <\/p>\n

WEATHER- Dubai <\/strong>will see temperatures peak at 44\u00b0C today, with a warm overnight low of 35\u00b0C. Abu Dhabi<\/strong> is slightly cooler, with a high of 40\u00b0C and a low of 33\u00b0C under clear skies. <\/p>\n

<\/p>\n

For decades, Sahel has been synonymous with summer's embrace: clear waters, crisp breezes, and vibrant nights. Last year, Ras El-Hekma cast a spotlight on its potential as a regional investment and tourism engine.<\/p>\n

In the second issue of our Destination Sahel<\/strong> series, we\u2019re digging deep into the infrastructure needed to support this evolution \u2014 and whether Sahel has a spot on the global tourism stage..<\/p>\n

Subscribe to our Egypt edition<\/a><\/strong> to get the second issue of our series EnterpriseAM Destination Sahel in your inbox today at 10am.<\/strong><\/p>\n

UPDATE- <\/p>\n

<\/a> #1- GulfNav wraps bond sale to fund Brooge M&A play: <\/strong>Maritime shipping company Gulf Navigation (GulfNav) closed its AED 500 mn mandatory convertible bond (MCB) issuance, which was oversubscribed by shareholders, it said in a filing (pdf)<\/a> to the Dubai bourse. This comes nearly one month after subscriptions kicked off<\/a>. The fresh paper, which will be converted into equity by Wednesday, 29 October, will help fund the banknote portion of GulfNav\u2019s AED 3.2 bn acquisition<\/a> of Nasdaq-listed Brooge Energy\u2019s Fujairah-based oil storage businesses. The notes were priced at AED 1.1 each. <\/p>\n

The oversubscription signals solid shareholder backing for GulfNav\u2019s pivot beyond <\/strong>maritime transport and into energy infrastructure. <\/strong>This is part of a broader cash-and-share swap that will eventually give Brooge shareholders a 63% stake in GulfNav, while handing the shipping company exposure to sectors that are more insulated from freight market cycles \u2014 namely oil storage and midstream logistics. <\/p>\n

What\u2019s next? <\/strong>The firm plans to settle the rest of the transaction through the issuance of 359 mn new shares at a discounted AED 1.25 a piece, and AED 2.3 bn worth of convertible bonds to Brooge converted at the same rate, both subject to one-year lockups, according to the bourse filing. No second tranche will be opened, given as the full amount was raised in the first round, with final allocations due Tuesday, 22 July. GulfNav\u2019s shares closed up 1.5% at AED 6.04 yesterday. <\/p>\n

ADVISORS- <\/strong>Gulf Navigation appointed Truss Bridge Advisory (DIFC)<\/strong> as its exclusive financial advisor, and Pinsent Masons<\/strong> as its lead counsel. Ibrahim & Partners Law Firm<\/strong> provided advice on the transaction structuring and related regulatory aspects. Emirates NBD<\/strong> was the lead receiving bank.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Goodwill, meet balance sheets: <\/strong>The Securities and Commodities Authority (SCA) has set out new rules recognizing goodwill as an intangible asset in publicly listed firms, according to a statement<\/a>. Goodwill typically reflects non-physical assets like brand value or customer loyalty on the company\u2019s balance sheet, often arising during acquisitions when a company pays more than the fair value of another\u2019s net assets.<\/p>\n

The rationale: <\/strong>The move aims to enhance financial transparency, support accurate valuations, and bring the UAE\u2019s regulatory practices in line with global norms.<\/p>\n

PLUS- A joint regulatory committee for UAE\u2019s financial markets:<\/strong> The SCA also approved the formation of a joint regulatory committee \u2014 bringing together the Financial Services Regulatory Authority, Dubai Financial Services Authority, VARA, and independent experts \u2014 to review legislation and coordinate across the UAE\u2019s financial watchdogs. The moves come as the SCA pushes to cement the UAE\u2019s position as a globally competitive, innovation-driven financial hub.<\/p>\n

This comes following a record 1H:<\/strong> The SCA saw a banner 1H, with a 55% y-o-y jump in newly issued licenses and a 230% surge in total assets under management (AUM), driven by a sharp increase in local investment funds. Foreign fund registrations also rose 54% y-o-y, while sukuk and bond program values climbed 35% y-o-y.<\/p>\n

\n

<\/a> #2- Dubai\u2019s<\/strong> Vara eyes gold and DeFi pilots: <\/strong>Dubai\u2019s Virtual Assets Regulatory Authority (Vara) is looking to pilot digital asset schemes involving gold and decentralized finance (DeFi) products as it develops frameworks for emerging asset classes, CEO Matthew White told state news agency Wam<\/a>.<\/p>\n

Tokenized <\/strong>real estate assets will soon become available on trading platforms<\/strong>, White said. So far, Vara\u2019s ongoing pilot with the Dubai Land Department<\/a> has listed two properties<\/a> under a fractional ownership model, drawing around 700 investors \u2014 70% of them first-time buyers<\/a> in Dubai.<\/p>\n

In demand: <\/strong>Several hundred entities are currently at various stages of the licensing process with Dubai\u2019s Virtual Assets Regulatory Authority (Vara), which has issued 36 full licenses to date, with global firms being among applicants. <\/p>\n

DATA POINT- <\/p>\n

Ras <\/strong>Al Khaimah Economic Zone (Rakez) registered around 8.5k new companies i<\/strong>n <\/strong>1H 2025<\/strong>, up 43% y-o-y, state news agency Wam<\/a> reports. Most new businesses operated in consultancy, e-commerce, trading, F&B, and building materials.<\/p>\n

Indian investors made up the largest share of new registrations at 43%<\/strong>, followed by investors from Pakistan, the UK, Egypt, and the Philippines. Rakez now hosts over 35k active companies from more than 100 countries.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

In a big reversal of his foreign policy stance towards Russia, US President Donald Trump <\/strong>threatened 100% tariffs on Russian imports<\/strong> \u2014 along with fresh sanctions \u2014 if Russia does not end its war on Ukraine within 50 days \u2014 and pledged bns of USD of new weapons for Ukraine. (Bloomberg<\/a> | Reuters<\/a> | Wall Street Journal<\/a>)<\/p>\n

Meanwhile, Trump is eyeing tomatoes and drones: <\/strong>The US will now be slapping Mexican tomatoes with a 17% tariff \u2014 separate from the 30% tariff on other imports from the country, while launching probes into drone imports, as well as imports of parts for unmanned aerial vehicles and for polysilicon, an important material for solar power. If the probes find that the imports are a threat to national security, new tariffs could be imposed. (Bloomberg<\/a> | Reuters<\/a> | New York Times<\/a>) <\/p>\n

Across the pond, the EU has prepared a list of USD 72 bn worth of US goods it plans to target with countermeasures<\/strong> as a retaliation against the US\u2019 30% tariff on EU imports. This includes Boeing aircraft, automobiles, Bourbon, machinery products, chemicals and plastics, medical devices, electrical equipment, and wine. (Bloomberg<\/a>) <\/p>\n

This comes as the EU\u2019s lead negotiator, Maro\u0161 \u0160ef\u010dovi\u010d\u2019s, warns of a \u201cbig gap\u201d in trade talks<\/strong> with the US ahead of the 1 August deadline for the US\u2019 reciprocal tariffs, the Financial Times<\/a> reports. <\/p>\n

ALSO- Keep an eye out for Wall Street\u2019s earnings season:<\/strong> Major US banks including JP Morgan, Wells Fargo, and Citigroup are due to report their 2Q 2025 earnings today, and while forecasts are positive, it will be interesting to see how they fared during a volatile period marked by the introduction of tariffs and fears of a recession. <\/p>\n

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