Sheikh Mohammed bin Rashid al-Maktoum

#Dubai: #Meraas Holding has #issued $400 million #sukuk –sources

Meraas Holding, a real estate developer in Dubai owned by the UEA government, issued a $400 million sukuk last week. It was sold privately to a select group of investors, according to sources. The Islamic bond has a five-year maturity and is at par with a 5.112 % yield on May the 26th and traded at one to 1.5 points above par shortly after that. Emirates NBD, Noor Bank and Standard Chartered jointly coordinated the transaction and served as bookrunners along with Dubai Islamic Bank, Sharjah Islamic Bank and Warba Bank.
Meraas is the parent company of the leisure and entertainment company DXB Entertainment, which owns 4 theme parks and a water park in UAE capital. It has been said, that a new entity has been set up which will manage billions of dollars of development projects for Meraas Holding and Dubai Holding. Dubai Holding is the investment vehicle of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Raed Kajoor Al Nuaimi, formerly chief executive of DXB Entertainment, has been appointed to lead the new management company.

Dubai Islamic Bank settles Tamweels liabilities

Dubai Islamic Bank announced that it has settled all bilateral liabilities of mortgage provider Tamweel, two years ahead of scheduled maturity. The outstanding liabilities were part of a five-year moratorium. The bank cited “robust capitalisation and ample liquidity” as the reasons for early repayment.

Can Dubai Become The World’s Leading Islamic Business Hub?

Dubai recently announced that its latest aspiration was to become the leading Islamic business hub in the world. Under the umbrella of Islamic finance, the emirate is hoping to provide the best facilities for Islamic finance instruments, Islamic insurance, the halal food industry and Islamic trade and quality-management standards. Dubai has numerous advantages as an Islamic finance hub, like its existing strong business and financial infrastructure as well as an established regulatory framework and political and socio-economic stability. Moreover, the emirate plans to set up a central Shariah board to supervise all Islamic financial products used in Dubai. However, the emirate needs to integrate a Shariah- compliant business framework with the already established conventional framework. Furthermore, Dubai also faces rivalry from the other GCC nations.

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