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#UAE News: Top Banks See Profits Surge as Impairments Drop on Recovery - Bloomberg

UAE News: Top Banks See Profits Surge as Impairments Drop on Recovery - Bloomberg The three largest banks in the United Arab Emirates reported a drop in impairment charges by nearly a third in the first half as they took advantage of an economic recovery from the Covid-19 pandemic.Emirates NBD PJSC, Dubai’s biggest lender, and its counterpart in the UAE capital, First Abu Dhabi Bank PJSC, posted an increase in profit in the first half, supported by higher fee income and a drop in the cost of r...
Tags: Travel, Opec, United Arab Emirates, Uae, Emirates NBD, Rupert Neil Bumfrey, Dubai Islamic Bank, Recovery Bloomberg, First Abu Dhabi Bank, Emirates NBD PJSC Dubai, First Abu Dhabi Bank PJSC, Shayne Nelson, Impairments


#Dubai Islamic Bank wins ongoing legal tussle with NMC's administrators

Dubai Islamic Bank wins ongoing legal tussle with NMC's administrators Dubai Islamic Bank on Sunday said it remained committed to the restructuring of NMC Healthcare but said the process "must be based on an acknowledgement of existing legitimate security interests" after winning the latest round of a legal tussle in the Abu Dhabi Global Market Courts.The joint administrators for Abu Dhabi-based NMC, Richard Fleming and Benjamin Cairns of Alvarez & Marsal, had brought legal action against DIB ...
Tags: Travel, Dubai, Abu Dhabi, Reuters, NMC, Dubai Financial Market, Dubai Courts, Rupert Neil Bumfrey, Alvarez Marsal, Dubai Islamic Bank, ADGM, NMC Healthcare, ADGM Courts, Benjamin Cairns


#Dubai bank's win in #AbuDhabi court to remain legal headache for NMC | Reuters

Dubai bank's win in Abu Dhabi court to remain legal headache for NMC | Reuters An Abu Dhabi judge referred to arbitration a dispute between NMC and Dubai Islamic Bank and ordered the firm to pay most of the legal costs incurred by the lender, in a case that impacts creditor recoveries in NMC’s multi-billion restructuring.NMC, the largest private healthcare provider in the United Arab Emirates (UAE), ran into trouble last year after the disclosure of more than $4 billion in hidden debt.Its UAE ...
Tags: Travel, London, Dubai, Abu Dhabi, Reuters, Richard Fleming, Andrew Smith, United Arab Emirates UAE, NMC, DIB, Rupert Neil Bumfrey, Alvarez Marsal, Dubai Islamic Bank, Abudhabi, Dubai Islamic Bank DIB, Reuters An Abu Dhabi


#Saudi, #Dubai Stocks Slump On Reflation Trade Slowdown: Inside EM - Bloomberg

Saudi, Dubai Stocks Slump On Reflation Trade Slowdown: Inside EM - Bloomberg Shares listed in Dubai and Saudi Arabia extended a slump triggered by the pullback in the reflation trade globally due to factors including the effect of the delta strain on economic recovery. “The decline is linked to a partial unwind in the global reflation trade,” said Divye Arora, a portfolio manager at Daman Investments in Dubai “The trade was impacted by Fed making a hawkish tilt leading to yield curve flatteni...
Tags: Travel, Saudi Arabia, Bloomberg, Dubai, Fed, Riyadh, Emirates NBD, Air Arabia, NCB Capital, Rupert Neil Bumfrey, Dubai Islamic Bank, Almarai, Daman Investments, Divye Arora, Nauman Khan, Saudi Research and Media


Middle Eastern Markets Mixed, High Valuations Eyed: Inside EM - Bloomberg

Middle Eastern Markets Mixed, High Valuations Eyed: Inside EM - Bloomberg Middle Eastern stock markets were mixed as investors attempted to reconcile concerns about high valuations with more positive economic indicators.Saudi Arabia’s benchmark Tadawul All Share Index fluctuated, dropping as much as 0.8% on Sunday before trimming losses.“The macro story in Saudi Arabia is much more interesting than the micro story,” said Tarek Fadlallah, the chief executive officer of Nomura Asset Management’s...
Tags: Travel, Saudi Arabia, Israel, Bloomberg, Dubai, Federal Reserve, Bahrain, Gulf, Tadawul, Emirates NBD, Emaar Properties, Kuwait Finance House, Rupert Neil Bumfrey, Dubai Islamic Bank, National Bank of Kuwait, Ahli United Bank


#Dubai Islamic Bank gives initial guidance for 5-yr dollar sukuk - document | Reuters

Dubai Islamic Bank gives initial guidance for 5-yr dollar sukuk - document | Reuters Dubai Islamic Bank (DISB.DU), the United Arab Emirates' largest Islamic lender, gave initial price guidance of around 135 basis points over mid-swaps for five-year U.S. dollar-denominated sukuk, or Islamic bonds, a document showed on Tuesday.Bank ABC, Dubai Islamic Bank (DISB.DU), Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank (FAB.AD), HSBC (HSBA.L), KFH Capital (KFH.KW), Standard Chartered (STAN.L) and...
Tags: Travel, United Arab Emirates, Reuters, Islamic Corporation, Rupert Neil Bumfrey, Dubai Islamic Bank, Reuters Dubai Islamic Bank DISB


#Saudi Aramco raises $6 billion with debut sukuk | Reuters

Saudi Aramco raises $6 billion with debut sukuk | Reuters Saudi Arabian oil giant Aramco (2222.SE) locked in another $6 billion on Wednesday to help fund a large dividend as it returned to the international debt markets with its first U.S. dollar-denominated sukuk sale, a document showed.The debt issuance, which will help fund a $75 billion dividend commitment that will mostly go to the government, comprises tranches of three, five and 10 years, a document from one of the banks arranging the d...
Tags: Travel, Saudi Arabia, Gulf, Reuters, Aramco, Saudi Aramco, Moody, BOC, UST, Rupert Neil Bumfrey, Dubai Islamic Bank, U S Treasuries UST, Citi C N HSBC, Standard Chartered Bank STAN L Passive


UPDATE 1- #Saudi Aramco seen raising $3 bln-4 bln with dollar sukuk - sources | Reuters

UPDATE 1-Saudi Aramco seen raising $3 bln-4 bln with dollar sukuk - sources | Reuters Saudi Arabian oil giant Aramco is likely to raise between $3 billion and $4 billion on Wednesday, two sources said, as it returns to the international debt markets with its first U.S. dollar-denominated sukuk sale.The debt issuance, which will at least partly fund a large dividend that mostly goes to the government, will comprise tranches of three, five and 10 years, the term sheet for the sukuk seen by Reute...
Tags: Travel, Saudi Arabia, Gulf, Reuters, Aramco, Saudi Aramco, UST, BOC International, Rupert Neil Bumfrey, Dubai Islamic Bank, U S Treasuries UST


#Dubai Financial Market suspends trading in DXBE shares | Markets – Gulf News

Dubai Financial Market suspended trading in shares of DXB Entertainments PJSC (DXBE) on Sunday following the mandatory acquisition of its shares by Meraas Leisure and Entertainment (Meraas).All remaining DXBE shares not already held by Meraas or Meraas Holding will be re-registered in the name of Meraas in DXBE’s share register.Meraas will settle any cash consideration due to those remaining DXBE shareholders through the relevant payment method as registered with Dubai CSD at by such DXBE shareh...
Tags: Travel, Dubai, General Assembly, Emirates NBD, Gulf News, Dubai Financial Market, Meraas Holding, Rupert Neil Bumfrey, Dubai Islamic Bank, DXBE, Meraas, Meraas Leisure and Entertainment Meraas All, Meraas Leisure and Entertainment LLC Meraas


Omani Shares Lead Mideast Gains on Rare Bank Tie-Up: Inside EM - Bloomberg

Oman’s main equities index led Middle-East gains as a rare cross-Gulf bank tie-up propelled the National Bank of Oman’s shares higher.The company was the biggest gainer on Oman’s benchmark index on Sunday, after Commercial Bank of Qatar QSC said it was looking to build a controlling stake in the firm. Qatari banks are expanding across the region, spurred on by the normalization of ties between Doha and neighboring Gulf states in January. “We believe that the National Bank of Oman has tak...
Tags: Travel, Saudi Arabia, Israel, Bloomberg, Middle East, Oman, Muscat, Bahrain, Doha, Gulf, Emirates NBD, DAMAC Properties, Rupert Neil Bumfrey, Dubai Islamic Bank, Riyadh Abu Dhabi, Al Rajhi Bank


Most Mideast Stock Markets Set for Gains in May: Inside EM - Bloomberg

Most Mideast Stock Markets Set for Gains in May: Inside EM - Bloomberg Stocks in the Middle East are poised to end the month higher on prospects of an economic rebound.Benchmark indexes in the United Arab Emirates led gains through May. The UAE, a federation of seven sheikhdoms including Dubai and Abu Dhabi, has one of the highest coronavirus vaccine inoculation rates globally.“There are multiple factors” for the gains across the region, including “vaccinations and ease in restrictions, rec...
Tags: Travel, Saudi Arabia, Israel, Qatar, Bloomberg, Egypt, Middle East, United Arab Emirates, Dubai, Brent, Abu Dhabi, Kuwait, Uae, Gulf, Burgan Bank, Aramex


NMC's administrators set for new round of hearings in dispute with #Dubai Islamic Bank | The National

NMC's administrators set for new round of hearings in dispute with Dubai Islamic Bank | The National Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Healthcare, secured a stay late on Thursday evening against an earlier ruling where its bid to reclaim power over securities held by Dubai Islamic Bank failed.Administrators had brought a claim through the Abu Dhabi Global Market Courts, where NMC Healthcare and its 35 associated companies were placed into administ...
Tags: Travel, London Stock Exchange, Dubai, Uae, Sharjah, NMC, DIB, Dubai Financial Market, Rupert Neil Bumfrey, Alvarez Marsal, Dubai Islamic Bank, NMC Health, ADGM, NMC Healthcare, National Alvarez Marsal, Abu Dhabi Global Market Courts


Mideast Stocks: #Qatar shares jump as investors cheer virus restrictions easing | ZAWYA MENA Edition

Major stock markets in the Gulf ended mixed on Thursday, with the Qatari index outperforming the region as the country is set to ease coronavirus restrictions.The Gulf Arab state said on Wednesday that leisure and education centres and restaurants can reopen at limited capacity as of Friday under a phased easing of measures. The Qatari benchmark advanced 1.3%, as most of the stocks on the index were in positive territory including petrochemical maker Industries Qatar.Qatar said earlier this mont...
Tags: Travel, Saudi Arabia, Qatar, House, Dubai, Oman, Abu Dhabi, Gulf, Reuters, ADNOC, Rupert Neil Bumfrey, Saudi Basic Industries, Dubai Islamic Bank, Al Rajhi Bank, Gulf Egypt, Emirates NBD Bank


Major Gulf markets slip, but #Dubai set for another weekly gain | Reuters

Major Gulf markets slip, but Dubai set for another weekly gain | Reuters Most major Gulf stock markets opened lower on Thursday, although the Dubai index was still set for its fourth weekly gain after recent gains in property shares and financial stocks.Dubai’s main share index fell 0.4%, with sharia-compliant lender Dubai Islamic Bank off 1%, while blue-chip developer Emaar Properties dropped 0.7%.House prices in Dubai are expected to rise for the first time in six years in 2021, supported by...
Tags: Travel, Saudi Arabia, Qatar, House, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Emaar Properties, Qatar National Bank, ADNOC, Rupert Neil Bumfrey, Industries Qatar, Dubai Islamic Bank, Al Rajhi Bank


MIDEAST STOCKS Most major Gulf markets gain; #AbuDhabi falls | Reuters

MIDEAST STOCKS Most major Gulf markets gain; Abu Dhabi falls | Reuters Most major stock markets in the Gulf ended higher on Wednesday, with the Dubai index leading gains on back of top lender Emirates NBD.Saudi Arabia's benchmark index (.TASI) added 0.2%, supported by a 5.5% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE).The value of Saudi Arabia's oil exports in March rose by 75% year on year to 52.3 billion riyals ($13.95 billion), official data showed on Wednesday. read moreNon-...
Tags: Travel, Saudi Arabia, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Emirates NBD, Amazon com Inc, NMC, Tasi, Rupert Neil Bumfrey, Dubai Islamic Bank, QSI


MIDEAST STOCKS Most major Gulf markets gain as financials rise | Reuters

MIDEAST STOCKS Most major Gulf markets gain as financials rise | Reuters Most major stock markets in the Gulf rose in early trade on Wednesday, supported by gains in their financial stocks, although Abu Dhabi bucked the trend to trade lower.Saudi Arabia's benchmark index (.TASI) edged up 0.2%, helped by a 0.2% gain in Al Rajhi Bank (1120.SE) and a 0.3% increase in Saudi Basic Industries (2010.SE).The value of Saudi Arabia's oil exports in March rose by 75% year on year to 52.3 billion riyals (...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, NMC, Tasi, Rupert Neil Bumfrey, Dubai Islamic Bank, General Authority for Statistics, Al Rajhi Bank, First Abu Dhabi Bank, Emirates NBD ENBD


#AbuDhabi judge rules in favour of #Dubai Islamic Bank in NMC case | Reuters

Abu Dhabi judge rules in favour of Dubai Islamic Bank in NMC case | Reuters A judge in Abu Dhabi ruled in favour of Dubai Islamic Bank and against the administrators of NMC, in a case that could complicate the private healthcare firm's multi-billion-dollar debt restructuring.NMC ran into trouble last year after the disclosure of more than $4 billion in hidden debt and its UAE operating businesses were placed into administration in the courts of Abu Dhabi's international financial centre ADGM.D...
Tags: Travel, Abu Dhabi, Reuters, NMC, Rupert Neil Bumfrey, Alvarez Marsal, Dubai Islamic Bank, ADGM, ADGM Dubai Islamic Bank


#Dubai Shares Gain Most in Gulf as Real Estate Rallies: Inside EM - Bloomberg

Dubai’s benchmark stock index advanced the most among Gulf peers as real estate shares extended gains.The Dubai Financial Market General Index rose as much as 1.3%, up for a fifth day in its longest winning streak since March. The sub-index tracking Dubai-based real estate shares climbed as much as 2.4% on Sunday, touching the highest level since November 2019. Those shares are trading higher amid a residential property price rally Morgan Stanley sees lasting for years.Vaccinations are “helping ...
Tags: Travel, Saudi Arabia, Israel, Qatar, Bloomberg, United Arab Emirates, Dubai, Abu Dhabi, Morgan Stanley, Kuwait, Uae, Gulf, Riyadh, Emirates NBD, Saudi Arabia Bahrain, Emaar Properties


#Dubai's Emirates NBD sells $750mln in AT1 bonds at 4.25% | ZAWYA MENA Edition

Dubai's Emirates NBD sells $750mln in AT1 bonds at 4.25% | ZAWYA MENA Edition Emirates NBD, Dubai's largest lender, sold $750 million in Additional Tier 1 bonds on Thursday after receiving more than $1.75 billion in orders for them, a document showed.It launched the bonds at a yield of 4.25% after giving initial price guidance of around 4.5%, the document from one of the banks on the deal showed.Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, HSBC, NCB Capital and Standard Chartered arra...
Tags: Travel, Dubai, Gulf, Emirates NBD, Rupert Neil Bumfrey, Dubai Islamic Bank, ENBD, MENA Edition Emirates NBD Dubai


#Dubai outperforms subdued Gulf markets | Reuters

Dubai outperforms subdued Gulf markets | Reuters Dubai’s stock index was buoyed by gains in property shares in early trade on Thursday, while most other equity markets in the Gulf were subdued in the absence of fresh factors to trade on.Dubai house prices will rise for the first time in six years this year, supported by a swift vaccine rollout that has lifted hopes for an overall economic recovery, according to a Reuters poll of property analysts.In Dubai, the main share index gained 1.2%, wit...
Tags: Travel, Saudi Arabia, Wam, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Emaar Properties, Rupert Neil Bumfrey, Industries Qatar, Saudi Basic Industries, Dubai Islamic Bank, Emaar Malls


#Dubai Shares Gain Amid Property Recovery Optimism: Inside EM - Bloomberg

Stocks in Dubai were among the biggest gainers across the Middle East amid optimism that Emaar Properties PJSC earnings may point to a wider recovery in the emirate.The Dubai Financial Market General Index jumped 0.8% as Emaar advanced as much as 2.8%, the biggest gain on the gauge in point terms. Qatar’s main index rose 0.4%, even after the country’s finance minister was ordered detained Thursday.Growing confidence Gulf states are on the cusp of an economic rebound is stoking speculation that p...
Tags: Travel, Saudi Arabia, Israel, Qatar, Bloomberg, Egypt, Middle East, Dubai, Abu Dhabi, Kuwait, Gulf, Malik, Emaar Properties, Emaar, Raghu, DAMAC Properties


Mideast Stocks: Banks, petrochemicals weigh on #Saudi; Agility boosts #Kuwait | ZAWYA MENA Edition

Mideast Stocks: Banks, petrochemicals weigh on Saudi; Agility boosts Kuwait | ZAWYA MENA Edition Saudi Arabian stocks closed lower on Wednesday, hit by losses in banking and petrochemical stocks, while the Kuwaiti index outperformed the Gulf region.Other major Gulf markets were largely muted.Saudi Arabia's benchmark index fell 0.7%, with Al Rajhi Bank losing 0.7% and chemical maker Saudi Basic Industries retreating 1.2%.Saudi Electricity declined 3.6% after the company said net loss attributab...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Kuwait, Gulf, Aramex, Rupert Neil Bumfrey, Saudi Basic Industries, Saudi Telecom, Dubai Islamic Bank, Saudi Electricity, Aldar Properties, Al Rajhi Bank, Qatar Navigation


Mideast Stocks: #Saudi index edges up as Aramco beats quarterly profit estimates | ZAWYA MENA Edition

Mideast Stocks: Saudi index edges up as Aramco beats quarterly profit estimates | ZAWYA MENA Edition Saudi Arabian stocks edged higher on Tuesday, after first-quarter profit from state oil producer Saudi Aramco beat forecasts, while other major Gulf markets closed mixed.Saudi Arabia's benchmark index ended up 0.1% as Al Rajhi Bank gained 0.4% and Aramco rose 0.7%.Aramco reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectations for $19.48 billion. Ar...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Aramco, Saudi Aramco, Mideast, Rupert Neil Bumfrey, Dubai Islamic Bank, Al Rajhi Bank, First Abu Dhabi Bank, Emirates NBD Bank, Riyad Bank Abu Dhabi


Mideast Stocks: Property, banking stocks boost #Dubai; #Saudi index falls | ZAWYA MENA Edition

Mideast Stocks: Property, banking stocks boost Dubai; Saudi index falls | ZAWYA MENA Edition Most major stock markets in the Gulf closed higher on Monday, with the Dubai index outperforming the region on the back of property and banking shares, while the Saudi bourse was dragged down by material and financial stocks.The Dubai index rose 1.1%, as blue-chip developer Emaar Properties added 1.8% and Dubai Islamic Bank gained 1.4%, snapping a four-session losing streak.Dubai Investments jumped 2.6...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Mideast, Emaar Properties, Rupert Neil Bumfrey, Saudi Basic Industries, Dubai Islamic Bank, Abu Dhabi Islamic Bank, United Development, Dubai Investments, Almarai Co, Emirates Telecommunications Group


Mideast Stocks Head Warily Into May After April Gains: Inside EM - Bloomberg

Mideast Stocks Head Warily Into May After April Gains: Inside EM - Bloomberg Middle East stock markets were mixed as investors looked for direction on the first trading day of the month following gains in April.The main indexes in Kuwait, Oman and Dubai each rose 0.7% on Sunday, while the gauge in Abu Dhabi added 0.5%. Saudi Arabia’s Tadawul All Share Index led losses with a 0.5% retreat. Qatari and Israeli markets were little changed. Trading in Bahrain and Egypt was closed for holidays.Thoug...
Tags: Travel, Saudi Arabia, Opec, Qatar, Bloomberg, Egypt, Dubai, Abu Dhabi, Bahrain, Gulf, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Dubai Islamic Bank, Al Rajhi, Jabal Omar Development


At Dh853m for Q1-2021, #Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News

At Dh853m for Q1-2021, Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News Dubai Islamic Bank will take a lot of strength from its first quarter 2021 numbers, with net profit up a whopping 2,337 per cent compared to what it was in the final three months of 2020. That’s Dh853 million between January to end March against Dh35 million in the fourth quarter of last year.Just as important, impairment related losses were brought down to Dh751 million, from Dh1.9 bill...
Tags: Travel, Uae, Central Bank, Tess, Gulf News, UAE Central Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Mohammed Ibrahim Al Shaibani, Gulf News Dubai Islamic Bank, Court of Dubai


Extreme prudence required as headwinds remain: #Dubai Islamic Bank CEO | ZAWYA MENA Edition

Extreme prudence required as headwinds remain: Dubai Islamic Bank CEO | ZAWYA MENA Edition Dubai Islamic Bank (DIB), the largest Islamic lender in the UAE, will continue to run its business with extreme prudence this year, as the “headwinds” of the pandemic remain, its top official said.The bank, which has recently completed the integration with Noor Bank, reported on Wednesday a net profit of 853 million dirhams ($232 million) for the first quarter of the year, lower than in the same period i...
Tags: Travel, Uae, Imf, International Monetary Fund IMF, Tess, Noor Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, OPEX, Adnan Chilwan, Mohammed Ibrahim Al Shaibani, MENA Edition Dubai Islamic Bank DIB, DIB Chilwan, Chilwan


#UAE investors turn jittery, engage in some profit booking despite upbeat Q1-2021 results | Markets – Gulf News

UAE investors turn jittery, engage in some profit booking despite upbeat Q1-2021 results | Markets – Gulf NewsDubai and Abu Dhabi stocks took a breather from three days of advances on Tuesday morning, with investors keen on profit-booking amid uncertain market conditions. Qatar Exchange gained on the back of strong first-quarter results from leading lights.Dubai Financial Market traded 0.2 per cent lower at 2,640 points despite du advancing 0.8 per cent after first-quarter 2021 profits jumped ar...
Tags: Travel, Qatar, Abu Dhabi, Uae, Qatar Islamic Bank, Emaar, Abu Dhabi Commercial Bank, Abu Dhabi Securities Exchange, Dubai Financial Market, Rupert Neil Bumfrey, Dubai Islamic Bank, Islamic Arab Insurance, First Abu Dhabi Bank, Qatar Exchange, COVID, Baladna Mesaieed Petrochemical and Qatar Insurance


#Saudi, #UAE Stocks Rise on Earnings, #Iran Optimism: Inside EM - Bloomberg

Saudi, UAE Stocks Rise on Earnings, Iran Optimism: Inside EM - BloombergBenchmark stock indexes in Saudi Arabia and the United Arab Emirates were among the biggest gainers in the Gulf as better-than-expected earnings fueled investor optimism and talks between Iran and the U.S. to end a years-long standoff progressed.Gauges in Abu Dhabi, Dubai, Saudi Arabia and Israel gained while those in Qatar and Oman fell. Bahrain and Kuwait were little changed.World powers advanced efforts to revive a 2015 n...
Tags: Travel, Saudi Arabia, Israel, Qatar, Bloomberg, Iran, Vienna, United Arab Emirates, Dubai, Oman, Muscat, Bahrain, Kuwait, Financial Times, Gulf, Index


#Dubai Islamic Bank sells $500mln in perpetual sukuk | ZAWYA MENA Edition

Dubai Islamic Bank sells $500mln in perpetual sukuk | ZAWYA MENA EditionDubai Islamic Bank, the UAE’s largest Islamic lender, on Wednesday sold $500 million in perpetual non-call 5.5 years additional Tier 1 sukuk with a profit rate of 3.375 percent per annum.In a statement, the bank said despite the record low yield, the sukuk was 5.6x oversubscribed with an orderbook that peaked at $2.8 billion.The sukuk is issued under DIB Tier 1 Sukuk (5) Ltd. and is listed on Euronext Dublin and NASDAQ Dubai...
Tags: Travel, Uae, Standard Chartered Bank, Moody, Fitch, Ltd, Rupert Neil Bumfrey, Dubai Islamic Bank, Euronext Dublin, EditionDubai Islamic Bank, DIB Tier, Sukuk



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