The Investment Corporation of Dubai (ICD) has completed the issuance of a US$1 billion 10-year sukuk. The $1billion sukuk will be listed on the Nasdaq Dubai exchange and is the first to be issued from the region in 2017 and the second for ICD since 2014. International investor participation was robust with 26% of the issuance subscribed by investors based in the United Kingdom and Europe and 15% by investors based in Asia. Regional investor participation consisted of 58% of the total subscription with the remaining 1% of the investors based around the rest of the world. CEO Mohammed Al Shaibani said the issuance proves the ICD’s ability to provide a stable foundation that supports the ongoing success of Dubai.
Recently, Dubai Islamic Bank (DIB) announced a flat third-quarter net profit. Even though there was a big jump in provisioning, the bank exceeded all forecasts of the analysts. During the three months until September 30, DIB made 298.5 million dirhams ($81.3m). Compared to that, the same period last year brought a profit of 298m dirhams. The 43% jump in provisions did not affect the steady quarterly profits. The bank's chairman, Mohammed Al Shaibani, pointed out that DIB's performance was notable for delivering strong results while meantime sticking to its conservative approach to provisioning.