United Arab Emirates

To promote financial education ADIB partners with UAE Ministry of Social Affairs

Abu Dhabi Islamic Bank (ADIB) has signed a partnership agreement with the UAE’s Ministry of Social Affairs and will thereby support the "Tejuri" initiative. H.E. Naji Al Hai Mubarak strongly believes in the importance of strengthening the cooperation between the governmental and the private sector, in order to provide the best services. The banks will also offer cash prizes to encourage children to open long-term savings accounts. He believes that providing children with financial literacy will play a key role in their future financial decisions and will build a sense of responsibility which will contribute to a strong national economy.

Dubai World can repay 2015 debt in full: US bank

Dubai World can repay its 2015 maturity in full, while 2016 looks to be more challenging with approximately $6bn in restructured debt coming due, according to Jean-Michel Saliba, Mena Economist at Bank of America-Merrill Lynch. In the near-term, Dubai should be able to tackle refinancing challenges, but the possible increase in government external borrowing needs is set to take place against a more challenging backdrop, Saliba said. Direct impact of low oil prices will be more muted in UAE than in other GCC countries - thanks to Dubai's diversified economy, he added.

Western Union launches financial literacy programme for UAE migrant workers with support from UAE Labour Ministry

The Western Union Company has launched “Apna Sapna”, a Financial Literacy Programme for migrant workers in the UAE to help them develop the awareness and skills to manage their finances and plan for the future. “Apna Sapna”, which in Hindi means “Our Dream”, is endorsed by the UAE Labour Ministry and aims to address the challenges of migrant workers who are often unsure about how to achieve their long-term financial goals. With the “Apna Sapna” programme, Western Union intends to train 3,000 people over two months through face-to-face training sessions which will take place across a number of labour camps in the UAE.

Dubai Trade to add another leader in cargo insurance

In line with its commitment to foster the cargo insurance facilities, Dubai Trade has signed an agreement with Dar Al Takaful to provide the marine and cargo insurance services through Dubai Trade's online platform "Tradeshield" which has been launched earlier this year. The agreement was signed by the CEO of Dubai Trade, Eng. Mahmood Al Bastaki, and Mr. Saleh Al Hashmi, the Managing Director of Dar Al Takaful . Dubai Trade allows clients to easily complete the end-to-end process of purchasing cargo insurance online through its website.

First HK sukuk listed in Dubai

Dubai saw on Thursday the listing of the very first Islamic bond in its stock market by China's Hong Kong Special administrative region. The listing of the one-billion U.S. dollar sukuk marks Dubai as one of the top three listing venues in the world for sukuk, with a currently listed nominal value of 24.05 billion dollars. The Nasdaq Dubai competes with the sukuk hubs in Kuala Lumpur and in London. A total of 14.15 billion dollars of sukuks have been listed on Dubai's exchanges so far in 2014, up 107 percent from 6.85 billion dollars in 2013.

Kanoo Group deputy chairman takes aim at the UAE corporate landscape

Mishal Kanoo, deputy chairman of the Kanoo Group, believes that the big merchant families of the Gulf are the backbone of the regional economies, and that of the UAE. Most of them came into being around the time Gulf states won independence in the 1970s, so now they are in the third generation of ownership. This creates its own tensions. Part of the problem lies in the blurred distinction between ownership and management, he says. The other question is how to protect minority family members who do not wish to be involved in the management, but who have an economic stake in the running of the business.

Nakheel makes AED220 million Sukuk profit payment

Nakheel today confirmed a profit payment of AED220 million on its trade creditor Sukuk. Instructions have been sent to Deutsche Bank, the registrar and paying agent for the Sukuk, to make the profit payment to all Sukuk holders on the due date of 15 December 2014 against the Sukuk issued amount of AED4.4 billion to date. Nakheel 's current portfolio of developments in Dubai includes Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village and International City. Together, these span nearly 14,000 hectares and provide homes for more than 200,000 people.

MBRF and UNDP’s joint Arab Knowledge Report 2014:Investing in youth key to meet today’s knowledge challenge in the Arab region

The ‘Arab Knowledge Report 2014: Youth and Localization of Knowledge’ was launched in Dubai on Wednesday, the second day of the First Knowledge Conference. To meet increasing social and economic development challenges, Arab countries must integrate better in today’s global knowledge economy. Their most effective route toward that end is investment in empowering the full and active engagement of their youth in processes of knowledge generation, transfer and localization, the report says. The report applauded the UAE’s efforts to build the capacities of its human capital, particularly its youth.

White & Case Advises Abu Dhabi Islamic Bank on US$420 Million Financing for Zakher Marine International

Global law firm White & Case LLP has advised Abu Dhabi Islamic Bank (ADIB), as sole bookrunner and initial mandated lead arranger, and a group of other lenders on a US$420 million Islamic financing provided to Zakher Marine International Inc. The financing, which was two times oversubscribed, also included Abu Dhabi Commercial Bank, Al-Hilal Bank, MashreqBank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank. The facility arranged by ADIB will fund Zakher Marine's new shipbuilding programme that includes 15 vessels and three self-elevating accommodation barges.

Islamic Insurer Noor Takaful to join Dubai Trade Online Cargo Insurance e-Service "Tradeshield"

Dubai Trade, the cross-border trade facilitator, has signed an agreement with Noor Takaful that will give Dubai Trade customers access to an Islamic insurer for the first time, and an even wider choice of marine and cargo insurance providers online through its Tradeshield platform. Tradeshield allows customers to complete the end-to-end process of purchasing cargo insurance online through the dedicated website www.tradeshield.ae. Noor Takaful will go live on the site for customers in the New Year.

FlyDubai’s debut sukuk issue raises $500 million

FlyDubai's debut Islamic bonds are signalling growing appetite for sukuk from aviation companies in the Gulf as they spend on airports and fleet expansion. The budget carrier raised $500 million this month in the first sale of the debt by a regional airline after Emirates. The issue received bids for more than six times the amount offered. Boeing forecasts Middle East airlines will need more than 2,600 new aircraft over the next 20 years, worth $550 billion. Sukuk is exptected to be part of the financing mix. FlyDubai's five-year sukuk pays a profit rate of 3.776 per cent, or 200 basis points above the five-year mid swap rate.



UAE first in Islamic trading in OIC

The UAE was ranked first in Islamic trading among members of the Organisation of Islamic Cooperation (OIC) in 2012, with trade valued at $91.3 billion. The UAE accounted for 13.40 per cent of the volume of trade between member countries, said Ambassador Hameed Opeloyeru, Assistant Secretary General for Economic Affairs of OIC, in a statement on the sidelines of the preparatory meeting for the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Conference (COMCEC).

UAE Fund To Provide $200m In Loans To Microfinance Projects In Egypt

Abu Dhabi-based Khalifa Fund for Enterprise Development will provide $200 million in loans for microfinance projects in Egypt, a move it said would create more than 120,000 jobs by 2020. The UAE state investment fund has signed the loan agreement with the Egyptian government in Cairo. The loan will be directed towards microfinance development in remote and disadvantaged areas and pockets of poverty throughout Egypt. It will also help Egyptian women in rural areas find work. Egypt issued its first law regulating microfinance services last week, seeing the provision of extremely small loans could help to create jobs by giving individual entrepreneurs a start.

ADIB arranges $420m financing for Zakher Marine International

Abu Dhabi Islamic Bank (ADIB) has signed an agreement with Zakher Marine International Inc. to arrange a US $420 million (AED 1.55 billion) financing for its new ship-building program, including 15 vessels and 3 self-elevating accommodation barges through one of its group companies (QMS Holding Ltd.). ADIB was the Sole Book-runner and initial Mandated lead Arranger. The deal was 2 times oversubscribed by banks including ADCB, Al-Hilal Bank, MashreqBank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank. ADIB established a Specialized Financing Unit in 2013, through which it has structured and arranged various syndicated facilities for shipping / offshore clients.

New Issue- Al Shindagha Sukuk prices $500 mln 2019 bond

A bond with an Issue Amount of $500 million priced on Wednesday. Borrower is Al Shindagha Sukuk Limited, Obligor Dubai Aviation Corporation. Its Maturity Date is 11/26/2019. Following are terms and conditions of the bond: Coupon 3.776 pct; Reoffer price Par; Spread 200 basis points; Underlying govt bond Over the midswaps, equivalent to 212.7 basis points over the 1.5 pct October 2019 UST; Payment Date November 26, 2014; Lead Manager(s) ENBD Capital , Credit Agricole & HSBC; Listing Nasdaq Dubai & Irish Stock Exchange.

Dubai-based EIIB-Rasmala in bid to buy remaining 49% of Egyptian associate

EIIB-Rasmala, a Dubai-based investment bank and asset manager, is moving to buy the remaining 49 per cent of an associate company based in Egypt. The takeover of Rasmala Egypt Asset Management (Ream) follows new strategic initiatives for next year. EIIB-Rasmala is now opening discussions with potential joint venture partners to expand its investment activities in both Egypt and other parts of Africa, its chief executive Zak Hydari said. In November, EIIB-Rasmala announced it was finalising the launch of two leasing fund strategies and planning to expand its UAE property business. The Dubai investment bank also said it expected to raise about US$1 billion for its growing leasing and alternatives business and approximately $250m to invest in a broad mix of property transactions in the United Kingdom.

Dubai Islamic Bank signs US$230 million aircraft financing deal with Air Arabia

Dubai Islamic Bank (DIB) and Air Arabia announced today the signing of an aircraft financing deal to facilitate the delivery of six new Airbus A320 aircrafts in 2015. The US$230 million Ijara facility will finance the delivery of a new aircraft every two months starting January 2015, the program culminating with the final unit being handed over by the end of the year. Air Arabia, recently named amongst the Global Growth Companies (GGC) by the World Economic Forum, has seen its route network expand rapidly in 2014 with the addition on new routes such as Cairo in Egypt, Antalya in Turkey, Tbilisi in Georgia, and Samara in Russia. The low-cost airline pioneer now serves 100 destinations from its four hubs in the UAE, Morocco and Egypt.

R Hotels plans $136.2m Sharia-compliant Palm hotel

R Hotels is to develop the first sharia-compliant, four-star resort and spa on Palm Jumeirah, with the company targeting a Q4 2016 opening following AED500 million (US $136.2 million) of investment. Located on the East Crescent of the man-made island, the hotel will be the sixth property for R Hotels, the hospitality management division of R Holding. No operator has been confirmed yet, although a spokesperson said that it will be an international hotel brand. Aimed at leisure travellers, iIt will feature 259 rooms, modern recreational facilities and family-friendly entertainment. Besides, R Hotels is currently developing a hotel on Al Mina Road in Jumeirah, expected to open in the second quarter of 2015.

Emirates Islamic announces CSR partnership with Dubai Health Authority's MOSA' ADAH charity programme

Emirates Islamic has announced a philanthropic community initiative to collect donations on behalfof Dubai Health Authority (DHA) for their MOSA'ADAH charity programme. MOSA'ADAH aims to help patients and familieswho cannot afford medical treatment,as well as contribute to projects in support of hospital equipment and medical facilities. As part of this initiative, Emirates Islamic customers can donate funds to MOSA'ADAH under a specially created charity account: Emirates Islamic 0384 540010 001 under 'MOSA'ADAH'. Donations can be made through any Emirates Islamic branch, ATM or CDM across the UAE or via online banking and by SMS. Previously the Bank made contributions to DHA to support Dubai Hospital and Rashid Hospital in purchasing new medical equipment.

Drake & Scull International issues a $ 120 million private placement 5-year sukuk

Drake & Scull International PJSC (“DSI”) announced the issuance of a US$ 120 million unrated senior unsecured 5-year certificates by way of private placement. The Sukuk will be due on the 12th November 2019 and redeemed fully at maturity. DSI mandated Emirates NBD Capital Ltd. and Mashreqbank PJSC as Joint Coordinators on the deal while also acting as Joint Lead Managers with Al Hilal Bank PJSC and Noor Bank PJSC. The 5-year Sukuk structured under the Sharia principle of Murabaha, represents the first Sukuk based on Murabaha trades of Sharia-compliant certificates on the NASDAQ Dubai Murabaha Platform. The proceeds of the transaction will be mainly used to capitalize DSI's business.

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