United Arab Emirates
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Shares in Arabtec Holding, the Dubai-based construction company, slumped 9.8% on Monday morning after it said it would complete a Dh1.5bn ($408m) rights issue after its second consecutive annual loss. -
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Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday, an accomplishment that bodes well for the busy pipeline of Middle Eastern bonds.
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Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday proving the market to be in rude health, good news for the busy pipeline of Middle Eastern bonds and Kipco, which mandated on Wednesday.
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Details of the new look National Bank of Abu Dhabi emerged this week including plans to divide the merged bank’s corporate and investment banking division into six reporting lines.
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Dubai Islamic Bank had taken orders of over $2.2bn by lunchtime on Tuesdayto launch the first financial sukuk from the Middle East of 2017.
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Dubai is closing in on loans of as much as $3bn to fund its airport expansion, but bankers have said that pricing remains an area of negotiation.
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Chinese markets are back, with previous interventions by the regulators still paying off in the offshore RMB spot markets, while Dubai's exchange saw growing interest in RMB futures contracts in January 2017.
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Sukuk supply looks set to step up next week after Dubai Islamic Bank became the second borrower in two days to announce plans to meet investors ahead of a potential dollar deal in the format.
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Dubai’s sovereign wealth fund defied doubters on Wednesday with the successful launch of a $1bn 10 year sukuk at tight pricing levels.
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The Investment Corporation of Dubai (ICD) is on course to become the first borrower to issue in sukuk format this year after emerging with pricing for a 10 year dollar note.
