Company Insights Emirates NBD Banking & Finance Emirates NBD News Banking & Finance Dubai’s Damac mandates banks for $500m sukuk issue Dubai-based Damac Real Estate Limited (Damac) has mandated banks to arrange investor meetings before a potential three-year benchmark US dollar-denominated sukuk worth at least $500 million. Investor calls and meetings were set to begin on Thursday and run to April 17, Reuters reported, citing a document from one of the mandated banks. Deutsche Bank, Emirates […] April 14, 2023 Banking & Finance No comment from Emirates NBD on bid for Indian bank Emirates NBD, Dubai’s largest bank, declined to comment to AGBI on Thursday following reports that it is one of at least five potential bidders for a majority stake in India’s state-owned IDBI Bank. Emirates NBD and its rival First Abu Dhabi are on the lookout for foreign acquisitions as the Gulf state’s domestic banking sector […] April 13, 2023 Economy Fitch upgrades Saudi to ‘A+’ on robust fiscal buffers Fitch Ratings has upgraded Saudi Arabia’s long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A’, with a stable outlook. The higher rating reflects the kingdom’s strong fiscal and external balance sheets, including solid debt-to-GDP ratio, robust sovereign net foreign assets and significant fiscal buffers in deposits and other public sector assets. Oil dependence, weak World […] April 6, 2023 Video Energy Oil price likely to hit $100 a barrel, says Dubai analyst Oil prices are predicted to rise higher, with $100 a barrel now looking more likely in the coming months following Opec+’s decision to cut production, according to a senior analyst at Dubai’s largest bank. Edward Bell, senior director for market economics at Emirates NBD, said the move by Saudi Arabia and its Opec+ partners on Sunday […] April 4, 2023 Banking & Finance AD Ports Group signs $2bn financing deal AD Ports Group has signed a $2 billion financing agreement with a syndicate of 13 regional and international banks, it announced in a bourse statement on Tuesday. Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international […] April 4, 2023 Banking & Finance Saudi’s Al Rajhi Bank to raise $1bn via sustainable sukuk Saudi Arabia’s Al Rajhi Bank is set to raise $1 billion with five-year sustainable Islamic bonds, according to a media report. The spread on the sukuk was set at 110 basis points (bps) over US Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, Reuters reported, […] March 30, 2023 Banking & Finance Saudi’s Al Rajhi Bank plans dollar sustainable sukuk Al Rajhi Bank is planning to issue US dollar-denominated sustainable Islamic bond, as part of its international sukuk programme launched last year. Al Rajhi Capital, Citigroup Global Markets Limited, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, KFH Capital and Standard Chartered are joint lead managers and bookrunners for the sukuk issuance, the Saudi-listed bank said in […] March 28, 2023 Analysis Banking & Finance A first as Dubai bank prices $600m sukuk for US firm Emirates NBD, Dubai’s largest bank, has successfully priced a $600 million sukuk for New York-listed Air Lease Corporation. It marks the first sukuk issued by a US corporation. A sukuk is a Sharia-compliant financial certificate, similar to a bond in Western finance but that complies with Islamic religious law. The five-year sukuk saw robust demand, […] March 26, 2023 Real Estate Dubai’s Union Properties returns to profit after restructuring Union Properties, one of Dubai’s oldest developers, announced on Monday a turnaround in fortunes – transforming a AED966 million ($263 million) net loss in 2021 to a AED30 million ($8.1 million) net profit last year. The Dubai Financial Market-listed company also said revenue from customer contracts increased by 5 percent year-on-year to AED419.2 million in […] March 13, 2023 EXCLUSIVE Banking & Finance BNY Mellon reports 245% rise in net flows into GCC equities BNY Mellon clients’ net investments in GCC shares rocketed by 245 percent from 2019 through to the end of 2022, America’s oldest bank told AGBI. Over this three-year period, the bank’s clients have poured $1.2 billion into Gulf equities, “outpacing emerging developed markets and the Eurozone significantly”. The New York-headquartered bank did not supply yearly […] March 13, 2023 Posts navigation Previous 1 … 12 13 14 … 19 Next
Banking & Finance Dubai’s Damac mandates banks for $500m sukuk issue Dubai-based Damac Real Estate Limited (Damac) has mandated banks to arrange investor meetings before a potential three-year benchmark US dollar-denominated sukuk worth at least $500 million. Investor calls and meetings were set to begin on Thursday and run to April 17, Reuters reported, citing a document from one of the mandated banks. Deutsche Bank, Emirates […] April 14, 2023
Banking & Finance No comment from Emirates NBD on bid for Indian bank Emirates NBD, Dubai’s largest bank, declined to comment to AGBI on Thursday following reports that it is one of at least five potential bidders for a majority stake in India’s state-owned IDBI Bank. Emirates NBD and its rival First Abu Dhabi are on the lookout for foreign acquisitions as the Gulf state’s domestic banking sector […] April 13, 2023
Economy Fitch upgrades Saudi to ‘A+’ on robust fiscal buffers Fitch Ratings has upgraded Saudi Arabia’s long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A’, with a stable outlook. The higher rating reflects the kingdom’s strong fiscal and external balance sheets, including solid debt-to-GDP ratio, robust sovereign net foreign assets and significant fiscal buffers in deposits and other public sector assets. Oil dependence, weak World […] April 6, 2023
Video Energy Oil price likely to hit $100 a barrel, says Dubai analyst Oil prices are predicted to rise higher, with $100 a barrel now looking more likely in the coming months following Opec+’s decision to cut production, according to a senior analyst at Dubai’s largest bank. Edward Bell, senior director for market economics at Emirates NBD, said the move by Saudi Arabia and its Opec+ partners on Sunday […] April 4, 2023
Banking & Finance AD Ports Group signs $2bn financing deal AD Ports Group has signed a $2 billion financing agreement with a syndicate of 13 regional and international banks, it announced in a bourse statement on Tuesday. Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international […] April 4, 2023
Banking & Finance Saudi’s Al Rajhi Bank to raise $1bn via sustainable sukuk Saudi Arabia’s Al Rajhi Bank is set to raise $1 billion with five-year sustainable Islamic bonds, according to a media report. The spread on the sukuk was set at 110 basis points (bps) over US Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, Reuters reported, […] March 30, 2023
Banking & Finance Saudi’s Al Rajhi Bank plans dollar sustainable sukuk Al Rajhi Bank is planning to issue US dollar-denominated sustainable Islamic bond, as part of its international sukuk programme launched last year. Al Rajhi Capital, Citigroup Global Markets Limited, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, KFH Capital and Standard Chartered are joint lead managers and bookrunners for the sukuk issuance, the Saudi-listed bank said in […] March 28, 2023
Analysis Banking & Finance A first as Dubai bank prices $600m sukuk for US firm Emirates NBD, Dubai’s largest bank, has successfully priced a $600 million sukuk for New York-listed Air Lease Corporation. It marks the first sukuk issued by a US corporation. A sukuk is a Sharia-compliant financial certificate, similar to a bond in Western finance but that complies with Islamic religious law. The five-year sukuk saw robust demand, […] March 26, 2023
Real Estate Dubai’s Union Properties returns to profit after restructuring Union Properties, one of Dubai’s oldest developers, announced on Monday a turnaround in fortunes – transforming a AED966 million ($263 million) net loss in 2021 to a AED30 million ($8.1 million) net profit last year. The Dubai Financial Market-listed company also said revenue from customer contracts increased by 5 percent year-on-year to AED419.2 million in […] March 13, 2023
EXCLUSIVE Banking & Finance BNY Mellon reports 245% rise in net flows into GCC equities BNY Mellon clients’ net investments in GCC shares rocketed by 245 percent from 2019 through to the end of 2022, America’s oldest bank told AGBI. Over this three-year period, the bank’s clients have poured $1.2 billion into Gulf equities, “outpacing emerging developed markets and the Eurozone significantly”. The New York-headquartered bank did not supply yearly […] March 13, 2023
