Middle East Economic Survey


No 22



UAE Marine Construction Firm NED To Issue $104Mn Bonds

The National Marine Dredging Company (NED), a UAE firm owned 40% by the Abu Dhabi National Oil Company (ADNOC), said it would issue Dh391.5mn ($104.4mn) convertible bonds for a strategic partner to increase its capital, the local press reported on 25 May. The bonds should have a conversion rate of Dh7.83 and would be interest free. NEDs board is reported to have approved the bond issue...