NEWS IN SUMMARY
 

Spinneys IPO order book exceeds $19bn

Dubai-based supermarket chain operator Spinneys said orders for its $375 million initial public offering (IPO) on the Dubai Financial Market reached Dh71 billion ($19.33 billion).

Spinneys also said in a statement that the issue was 64 times grossly oversubscribed, excluding the cornerstone tranche.

The qualified investor issue was oversubscribed by a multiple of more than 68 times, excluding the cornerstone portion.

While the UAE retail issue raised more than Dh1.9 billion and was oversubscribed 20 times.

The final offer price was set at Dh1.53 per share, at the upper end of the previously announced IPO price range.

"This is the highest level of demand and oversubscription for a DFM non-government related IPO in recent years." The statement added.

Spinneys will have a market capitalization of close to Dh5.51 billion and its shares are expected to start trading on May 9 on the Dubai stock market.

Ajman also pardons 314 prisoners

More than 300 prisoners in Ajman will be able to spend Ramadan with their families thanks to a pardon from the emirate's ruler.

It was announced on Friday that Sheikh Humaid bin Rashid Al Nuaimi, a member of the Supreme Council and ruler of Ajman, ordered the release of 314 prisoners.

Sharjah to release 484 prisoners in Ramadan

Some 484 prisoners in Sharjah will be released this Ramadan thanks to a pardon granted by the Emirate's ruler, Sheikh Dr. Sultan bin Mohammed Al Qasimi.

The prisoners were granted clemency after fulfilling certain conditions, including good conduct.

Aramex recently announced the launch of a fleet of electric motorcycles as part of the company's new initiative in last mile services in the UAE. With this step, the company plans to take a solid step towards achieving its long-term goal of converting 98% of its fleet to electric vehicles by 2030. This decision is not only aimed at enhancing the company's environmental profile, but also at reducing greenhouse gas emissions in the last mile logistics sector.

Since last Friday (March 1), bus fares on some routes in Sharjah have been announced to increase as diesel prices have risen by 17pc this month.

Fares from Rolla in Sharjah to Dubai Mall of the Emirates (bus route 309) have now increased by Dh3 from Dh17 last month to Dh20 in March.

In addition, intercity bus route 616 has also increased by Dh3, with short-haul prices ranging from Dh8 to Dh10, depending on the destination; while long-haul went up to Dh30 from Dh27 last month. Meanwhile, fares for bus routes 112, 114, 115 and 116 have also increased from D1 to D3

An Indian-origin man living in Abu Dhabi won $1 million in the Dubai Duty Free Millennium Millionaire raffle on the evening of March 2, following the prize-giving ceremony for the men's final of the Dubai Duty Free Tennis Championships.

The winning ticket was drawn by Ugo Humbert, the French No. 5 tennis player and winner of this year's tournament, who defeated Alexander Bublik in the final to win the Dubai Championships for the first time.

Former Dutch international arrested after hit-and-run in Dubai after being wanted in the Netherlands for smuggling over a ton of drugs

Former Ajax player and Dutch international Quincy Promes has been arrested in Dubai after a Dutch court sentenced him to six years in prison two weeks ago for smuggling more than a ton of cocaine, Al Arabiya TV reported.

Four rescued as boat sinks off Sharjah coast

UAE authorities rescued a citizen and three Asians after their boat sank 17 nautical miles off the coast of Sharjah, near the port of Hamriyah.

The Coast Guard located the boat and rescued all of them

Indian expatriate who won Dh15 million cries

An Indian expatriate could not help but burst into tears during a live phone interview after learning that he and 19 friends had won a Dh15 million jackpot on Sunday.

The 20 people living in the same apartment - some of them cab drivers, others blue-collar workers - regularly chipped in for the tickets and will now share at least 750,000 dirhams each.

"Thank God," Sharif can be heard on the phone. "I'm a millionaire now! I just won the jackpot!" He added, sobbing during a live interview.

Local and international companies now have the opportunity to secure naming rights for petrol stations in the UAE

Local and international companies and brands now have the opportunity to have petrol stations named after them in Dubai and the Northern Emirates with the launch of Emarat's 'Landmark Program'.

The marketing strategy, launched by Emirates General Petroleum Corporation (Emarat) on Saturday, will allow companies to "integrate their business models within the gas stations".

Naming rights are a form of advertising in which a company or brand "receives the exclusive right to name a site, building or facility by paying royalties."