It is an initiative we started three years ago to work towards making MAF
Refinery achieve world-class standards and make us shine among our peers.
Properties' flagship destination in Dubai, Mall of the Emirates (MOE), is currently undergoing a massive Dhs1 billion redevelopment programme, set for completion next year.
In 2013, MAF
purchased a 25 per cent minority stake owned by Carrefour S.
Despite a difficult economic climate, MAF
Group maintained its BBB credit rating with both Fitch and Standard and Poor's giving it a stable outlook.
During Phase One of the project, MAF
Dalkia will perform a detailed energy audit and analysis for all of Dubai International's facilities including all three terminals and concourse areas, the cargo terminal, central utility centres and IT and engineering service buildings.
From a financial perspective, the impact on leverage metrics will be limited as Fitch estimates that the financial ratios will remain stable (after allocating the benefit of MAF
's retail ability to absorb debt (mainly the operating lease related debt) to MAF
Holding) as adjusted EBIT net interest coverage (NIC) will be above 1.
Upon return, members of the 180th Airlift Squadron developed a training curriculum to instruct MAF
crews on low-level combat tactics and situational awareness, as well as MAF
engagement with fighters.
The due diligence has been completed and the discussions are progressing, MAF
Group Treasurer Daniele Vecchi said in a telephone interview from Dubai on Monday.
A reliable source, who wished to remain anonymous, told Hotelier Middle East that MAF
had awarded Starwood the management contract for the property, to be operated under its Sheraton brand.
Standard & Poor's Ratings Services has assigned a 'BBB' issue rating to the $1 billion trust certificate program to be launched by MAF
Having set up the EMTN and Sukuk programmes, we can now wait for the right market conditions and choose whether to issue a sukuk or a conventional bond," Iyad Malas, chief executive of MAF
said in a statement.
According to Daniele Vecchi, MAF
Holding's Head of Group Treasury, the company's overall $1 billion Sukuk programme is expected to be in place by the end of November, with the issuance of a five-year Sukuk worth about $500 million to follow as soon as possible.
is the sole franchisee for hypermarket chain, Carrefour (CARR.
Dalkia has been awarded a five-year facilities management contract to manage the 16,000 square metre Arcapita building in Bahrain Bay.
Dalkia has announced that it has signed a contract with Musanada.