Fitch upgrades Hikma Pharmaceuticals PLC's long-term issuer default rating to ‘BBB'
Khalid Nabilsi, CFO of Hikma said: 'I am pleased that now both Fitch and S&P have upgraded Hikma to BBB, reinforcing our investment grade rating. These upgrades are a strong endorsement of our strategic direction, financial discipline, and operational resilience. They underscore Hikma's solid market position across key geographies and reflect confidence in our ability to consistently deliver strong financial results, supported by our diversified business model, robust balance sheet, and prudent capital allocation.'
About Hikma
Hikma helps put better health within reach every day for millions of people around the world. For more than 45 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across North America, MENA and Europe. For more information, please visit: www.hikma.com
*Source: AETOSWire
Contacts:
Bedour Mossa
Email: bmossa@apcoworldwide.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
UAE and Jordanian planes drop food and humanitarian aid into Gaza
The UAE and Jordan on Sunday carried out three air missions to drop humanitarian aid into the Gaza Strip, after Israel said it will begin a limited pause in fighting in three areas of the enclave and allow new aid corridors. The UAE said it carried out the 54th humanitarian and relief air drop over the Gaza Strip on Sunday, its official news agency Wam said. It added that the move comes as part of 'the UAE's continuing efforts to support civilians in isolated areas of the Strip that are inaccessible by land. Jordan earlier said it carried out three air drops on the Gaza Strip carrying humanitarian and food aid, one of which was with the UAE, Petra news agency said. The missions involved C-130 aircraft from the UAE Air Force and the Royal Jordanian Air Force, carrying 25 tonnes of food and humanitarian supplies Petra added. The Israeli military on Sunday initiated a limited pause in fighting in three populated areas of Gaza for 10 hours a day, part of a series of steps taken as concerns over surging hunger in the territory mount and as Israel faces a wave of international criticism over its conduct in the 21-month war. The military said it would begin a daily 'tactical pause' in Gaza city, Deir Al Balah and Al Mawasi, three areas of the territory with large populations, to 'increase the scale of humanitarian aid' entering the territory. The pause begins daily from 10am to 8pm local time until further notice, starting on Sunday July 27. Israel has been facing growing international criticism, which the government rejects, over the humanitarian crisis in Gaza and indirect ceasefire talks in Doha between Israel and the Palestinian militant group Hamas have broken off with no deal in sight. Dozens of Gazans have died of malnutrition in recent weeks, according to the Gaza Health Ministry in the Hamas-run enclave. The ministry reported six new deaths over the past 24 hours due to malnutrition, bringing the total number of deaths from malnutrition and hunger to 133 including 87 children. On Saturday, a five-month-old baby, Zainab Abu Haleeb, died of malnutrition at Nasser Hospital in Khan Younis, health workers said. The Egyptian Red Crescent said it was sending more than 100 lorries carrying more than 1,200 metric tonnes of food to southern Gaza through the Karam Abu Salem crossing on Sunday. Aid groups warned last week of mass hunger among Gaza's 2.3 million people and international alarm over the humanitarian situation has increased, driving French President Emmanuel Macron's decision to recognise a Palestinian state in September. A group of 25 states including Britain, France and Canada last week condemned the 'drip feeding of aid' and said Israel's denial of essential humanitarian aid was unacceptable. Israel, which cut off aid to Gaza from the start of March and reopened it with new restrictions in May, says it is committed to allowing in aid but must control it to prevent it from being diverted by militants. It says it has let enough food into Gaza during the war and blames Hamas for the suffering of Gaza's people. Israel and the US appeared on Friday to abandon ceasefire negotiations with Hamas, saying it had become clear that the militants did not want a deal. The UN said it would use a new window of humanitarian pauses to reach as many starving people as possible in Gaza. UN emergency relief co-ordinator Tom Fletcher said on X he welcomed Israel's announcement and that teams on the ground were prepared to move quickly. 'In contact with our teams on the ground who will do all we can to reach as many starving people as we can in this window,' Mr Fletcher said. He warned on Friday that conditions in the enclave were 'already catastrophic' and worsening daily. His office said UN teams were in a position to increase deliveries once permitted. 'If Israel opens the crossings, lets fuel and equipment in, and allows humanitarian staff to operate safely, the UN will accelerate the delivery of food aid, health services, clean water and waste management, nutrition supplies, and shelter materials,' it said.
Arabian Post
2 days ago
- Arabian Post
Arada Developments Seeks Debt Financing Amid GCC Boom
Arada Developments has turned to the debt markets for financing, following its decision to issue a sukuk bond aimed at capitalising on the construction boom within the Gulf Cooperation Council region. With its credit ratings from Moody's and Fitch at B1 and B+, respectively, the company has mandated a consortium of major banks to facilitate the issuance of a five-year fixed-rate sukuk. The sukuk will be issued under Arada Sukuk 2 Limited's $1 billion Trust Certificate Issuance Programme, a key structure that offers Arada the flexibility to issue sukuk over a period. The bond is expected to receive a combined rating of B1 from Moody's and BB- from Fitch, which is indicative of a relatively higher risk investment but one with potential returns, especially in the current market context. Several prominent financial institutions have been enlisted to help manage the deal. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, and Standard Chartered Bank are acting as the joint global coordinators for the issuance. Alongside them, a range of other banks, including Arab Bank, Arqaam Capital, Bank ABC, RAKBANK, Sharjah Islamic Bank, and Warba Bank, are involved as joint lead managers and bookrunners. ADVERTISEMENT The move comes at a time when GCC-based developers are increasingly turning to debt markets to raise funds, particularly as demand for real estate continues to soar in the region. A series of fixed income investor calls kicked off last Thursday, giving potential investors an opportunity to engage with Arada's plans and the offering's prospects. The sukuk offering is poised to benefit from the strong growth momentum in the GCC construction and real estate sector, driven by both government-led infrastructure projects and private sector initiatives. The UAE, in particular, has seen a substantial influx of investments in the property sector, driven by both foreign capital and domestic demand. Major projects across residential, commercial, and mixed-use developments are fueling optimism about the sector's future. In the case of Arada, the company has seen rapid growth since its inception. Founded with the ambition to drive innovation in urban developments, Arada has made strides with large-scale projects in key cities like Sharjah and Dubai. The company's flagship projects, such as the Aljada development in Sharjah, showcase its position as one of the leading developers in the region. However, like many other developers, Arada has faced challenges related to financing and liquidity, with the sukuk issuance being a strategic move to secure funds for continued expansion. The growing reliance on sukuk issuances by real estate developers in the GCC highlights an emerging trend. Developers are increasingly tapping debt markets as a means to fund large-scale projects. Sukuk bonds, due to their compliance with Islamic finance principles, are particularly attractive to investors in the region and beyond. This trend is also a result of the favourable financing conditions that have been available in recent years, with lower interest rates and increased liquidity in regional markets. As the sukuk market expands, there are concerns over the sustainability of such growth, especially in the context of rising interest rates and economic uncertainty in global markets. However, the demand for high-yielding, fixed-income instruments continues to remain strong among investors looking to diversify their portfolios, particularly those seeking assets that align with Islamic finance principles.
Arabian Business
2 days ago
- Arabian Business
Dubai real estate: Property sales break records with 50,000+ Q2 transactions worth $72.8bn
Dubai's residential property market has reached unprecedented levels in the second quarter of 2025, with transaction volumes and values both setting new records, according to analysis from Knight Frank. Residential prices climbed 13.7 per cent compared to the same period last year, with villas leading the growth at 16 per cent year-on-year, Knight Frank's Dubai Residential Market Review Q2 2025 said. The emirate recorded over 51,000 home sales in Q2 2025, marking the highest quarterly figure on record. Dubai's residential market soars higher Total sales for the first half of 2025 reached more than 94,000 transactions, positioning the market to exceed the 169,000 deals completed in 2024. The value of residential sales in the first six months hit AED 268 billion, representing a 41 per cent increase from the corresponding period in 2024. Citywide residential prices rose 3.4 per cent during Q2 2025, reaching an average of AED 1,809 per square foot. Current values now stand 21.6 per cent above the previous market peak recorded in 2014. Faisal Durrani, Partner – Head of Research, MENA, said: 'The sustained growth in prices – now approaching five consecutive years since the current cycle began in November 2020 – is a clear sign of a more stable and predictable market environment. This is precisely the kind of consistency that global investors seek. Knight Frank's forecasts for 2025 remain unchanged, with 8 per cent growth expected in the mainstream market and 5 per cent in the prime segment. 'A segment to watch remains the villa market. Just 20 per cent of the planned housing supply through to the end of 2029 will fall in the villa category and with demand remaining centred on stand-alone family homes, the delta between villa and apartment price performance may well continue to widen.' Knight Frank maintains its 2025 forecasts, projecting 8 per cent growth in the mainstream market and 5 per cent in the prime segment. Villa values reached AED 2,172 per square foot, marking a 4 per cent quarterly increase and a 49.3 per cent rise since 2014. The prime residential segment achieved new records, with values across ten key communities rising 16 per cent over the past 12 months. The average prime transacted price now stands at AED 3,850 per square foot. Off-plan sales dominated the market, accounting for nearly 70 per cent of all transactions in Q2 2025. This reflects growing investor confidence and the appeal of new developments across Dubai. Prime areas including Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Dubai Hills Estate remain the most sought-after locations, particularly among international high-net-worth individuals. Sales of homes priced above $10 million reached AED 9.5 billion in Q2 2025, the highest quarterly figure on record. For the first time since Q2 2023, apartments outpaced villas in the $10 million-plus segment, with 80 apartment sales compared to 63 villa transactions. Will McKintosh, Regional Partner – Head of Residential, MENA, added: 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5 per cent, compared to 25 per cent in 2008. This shift toward end-user activity is a positive indicator of the market's growing maturity and long-term sustainability. 'As we approach the fifth year of Dubai's current growth cycle in November 2025, we are seeing the property market mature and align with global norms in a meaningful way. It has become more stable, more transparent and is underpinned by solid fundamentals. This shift is drawing in more long-term investors and end-users and is helping to strengthen Dubai's position as one of the most attractive residential markets globally.' Knight Frank's annual Destination Dubai 2025 report identifies the emergence of 'accidental millionaires' – homeowners whose properties have appreciated beyond $1 million due to market inflation. As of Q2 2025, Dubai contains 110,000 such homes, with 37,000 owned by individuals who originally purchased below the million-dollar threshold. The current growth trajectory positions 2025 to surpass the AED 367 billion in residential sales achieved in 2024, with sustained momentum across all market segments.
