United Arab Emirates

UPDATE 1-Dubai Islamic Bank to boost Tier 1 capital via sukuk sale

Dubai Islamic Bank (DIB) plans to boost its capital through the sale of a sharia-compliant debt instrument. DIB will hold investor meetings in Asia, the Middle East and Europe starting on March 7 ahead of issuing the dollar-denominated, benchmark-sized hybrid sukuk, subject to market conditions. The bank hopes to raise at least $500 million from the sale, but the final size will depend on demand. Emirates NBD, HSBC Holdings, National Bank of Abu Dhabi, Standard Chartered and the bank itself were chosen to arrange the deal.

Dubai Islamic Bank to boost capital through sukuk sale

Dubai Islamic Bank plans to boost its capital through a sharia-compliant debt instrument. Therefore, the bank will hold investor meetings in Asia, Middle East and Europe starting March 7 ahead of issuing the dollar-denominated, benchmark-sized hybrid sukuk, subject to market conditions. Benchmark-size is understood to be at least $500 million. The potential sale will be arranged by Emirates NBD , HSBC Holdings, National Bank of Abu Dhabi , Standard Chartered and the bank itself.

Press Release: Noor Islamic Bank announces appointment of new Chief Risk Officer

Noor Islamic Bank (Noor) announced the appointment of Narendra Swarup as Chief Risk Officer (CRO). In his role, Swarup is responsible for all the risk functions of the bank. He has more than 25 years of international experience in risk management in sovereign funds and international banks. In addition to his expertise in wholesale and investment banking, retail and private banking and asset management, he is regarded as an industry expert in overseeing credit and operational risk, as well as compliance and governance.

Dubai's Noor Investment Group Forms Endowment Management JV

Dubai's Noor Investment Group and a government-run charitable foundation have agreed to set up a joint venture company that will manage funds on behalf of Islamic charities in the United Arab Emirates and beyond.

Noor Investment Group, AMAF sign MoU to establish 'Noor Awqaf'

Noor Investment Group and Awqaf and Minors Affairs Foundation (AMAF) have signed a memorandum of understanding (MOU) to establish 'Noor Awqaf LLC' in the UAE. Noor Awqaf will complement the work of AMAF in offering enabling financial services to Awqaf entities around the world. The MoU was signed by Ahmed Kalim, Deputy Group CEO, of Noor Investment Group and Tayeb Abdel Rahman Al Rayes, Secretary General of AMAF.
Noor Awqaf has been set up as an independent limited liability company, with an initial issued and paid up share capital of Dhs10m. Noor Awqaf is 60% owned by Noor Investment Group and 40% by AMAF.

Sukuks to make UAE a top-ranked economy

A new initiative to transform Dubai into a global hub for sukuks is aimed at positioning the UAE as a top-ranked economy in the world, according to His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Dubai is planning to achieve its goal through a series of initiatives and programmes which in turn will activate the role of Islamic economy in the economy. Moreover, the necessary organisational framework will be completed and national cadres and experts mobilised to give this sector the anticipated momentum.

Dewa gives low 3% profit guidance for sukuk

Dubai Electricity & Water Authority has given initial profit guidance of low 3% on its prospective five year benchmark sukuk. The dollar denominated ijara (asset leasing) deal, which could be as large as $1bn, is set to be priced this week.

Nakheel pays additional Dh206m to creditors

The real estate developer Nakheel on Tuesday announced that it paid an additional Dh206 million to its creditors as part of its debt restructuring. The funds, due to be paid at the end of February 2013 in accordance with the developer’s financial restructuring commitments, bring the total loan interest and trade creditor sukuk profit paid to Dh923 million since restructuring. According to Nakheel chairman Ali Rashid Lootah, The company is in a good financial position and has about $600 million of cash on its balance sheet.

Dubai's DEWA to print sukuk this week, sets price talk

Dubai Electricity and Water Authority plans to issue sukuk of at least US$500m this week, after releasing early price guidance for the deal on Tuesday. DEWA is aiming to sell the dollar-denominated sukuk at a profit rate in the low 3 percent area. The sukuk is widely expected to attract strong investor demand. Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank are mandated joint bookrunners on the deal.

Noor Islamic Bank appoints Narendra Swarup as Chief Risk Officer

Noor Islamic Bank has announced the appointment of Narendra Swarup as Chief Risk Officer (CRO). Swarup will be responsible for all the risk functions of the bank. These include credit, market, operations as well as compliance and governing information security, protecting against fraud and guarding intellectual property through developing internal controls. Swarup brings with him more than 25 years of international experience in risk management in sovereign funds and international banks.

Market dynamics to influence takaful growth

The UAE insurance market is the largest and most developed insurance market in the Gulf region in 2011 where insurance premiums during the period recorded a 10% increase compared with 2010. UAE's insurance market has doubled in volume and achieved a CAGR of 21% through to 2010. The market, however, remains dominated by non-life insurance, which still accounts for 85% of total premiums. A total of 61 insurers operated in the country in 2011. The UAE government is working on reforms to implement a comprehensive legal framework in order to expand the insurance industry in its different forms.

Awqaf and Minors Affairs Foundation organizes open meetings between beneficiaries and senior management

Awqaf and Minors Affairs Foundation (AMAF), has launched an initiative to raise customer service levels and contribute to faster, more effective communication channels through a series of monthly open meetings between senior management and Foundation beneficiaries. The open meetings took place in the Foundation's headquarters since the beginning of January. Ahmed Hassan Nasser, Director of Investment Department met with beneficiaries on each Tuesday of the month, while Huda Al Mannai, Director of the Department of Minors, conducted meetings on Wednesdays.

UPDATE 1-Arqaam hires ex-Credit Suisse banker to head equity sales

Dubai-based investment bank Arqaam Capital has hired ex-Credit Suisse banker Wafic Nsouli. He is expected to join Arqaam on March 18 and will take charge as executive director and head of institutional equity sales. Before joining Arqaam, Nsouli was head of Middle East and North Africa equities at Credit Suisse, responsible for the company's offices in Dubai and Saudi Arabia.

Dubai's ICD in talks over first Islamic bond - sources

The Investment Corporation of Dubai (ICD) is in talks with banks to launch its first Islamic bond, in order to diversify its funding sources. The deal will reportedly be completed this year. A source at ICD said the fund had no plans for a sukuk, but is turning to the Islamic bond market because of potential legislation capping lending by local banks to government related entities. Separately, ICD is also talking to bankers over a US$2bn loan due to mature in August, with refinancing the likely option.

ADUKG launches 'Succession Planning 2013'

The conference "Succession Planning 2013" organized by Abu Dhabi University Knowledge Group will be held in Dubai on 25-26 February 2013. The two-day forum will present case studies from family businesses, multi-national corporations and government organizations in the GCC region. Senior C-level Suite Representatives, HR professionals and talent management experts from the public and private sector are going to discuss the importance of implementing succession planning strategies to ensure business continuity and reduce corporate risks.

MIDEAST DEBT-Covered sukuk may meet demand for asset-backed structures

A new type of sukuk, introduced by Gatehouse Bank, could make inroads in the market by offering greater security to investors through a structure similar to conventional covered bonds. The Gatehouse sukuk incorporates a purchase undertaking by the bank that gives primary security to noteholders, while in case of default they have secondary security on the property. It is based on an ijara (lease) contract which is commonly used in Islamic finance. Moreover, by adding the second layer of security, the Gatehouse sukuk effectively became asset-backed and not only asset-based. The Gatehouse sukuk pays a 3 percent annual distribution and offers quarterly redemption options.

Dubai Islamic Bank publishes formal offer for Tamweel

Following approval from the Securities and Commodities Authority, Dubai Islamic Bank (DIB) has published its formal offer for the shares in Tamweel. Tamweel shareholders will receive 10 new DIB shares for 18 Tamweel shares. They will receive a copy of the offer, the offer statement and the acceptance form by mail and can accept until 5pm on Saturday, March 16. DIB’s offer is subject to final approval from its shareholders and will be presented to them at an extraordinary general meeting to be held on March 3.

Financial sector projected to lead hiring this year

Several industry sectors, led by the banking and financial segment, are set to increase hiring due to large-scale projects announced recently in the country. Sectors that are expected to see strong hiring this year are banks, oil & gas, and petrochemicals as well as construction and real estate, according to leading recruitment advisors. The National Career Exhibition will showcase employment and training opportunities at more than 100 leading financial institutions in the country. It will be held from February 20 to 22, 2013 at Expo Centre Sharjah. The admission is restricted to UAE Nationals only.

Dubai's Nakheel in talks to extend $2.2 billion loan: report

Developer Nakheel is in talks to extend 8 billion dirhams ($2.18 billion) in loans due in 2015, according to its chairman Ali Rashid Lootah. The bank loans under consideration include 6.76 billion dirhams in secured facilities provided by, among others, Dubai's biggest bank Emirates NBD as well as 470 million dirhams in unsecured facilities, all due in 2016. Nakheel reported a 57-percent rise in annual profit in January. It also made interest and profit payments of around 800 million dirhams to lenders last year and has paid around 10 billion dirhams to various trade creditors and contractors since the start of its debt restructuring.

Dubai Investments to launch up to AED1bn sukuk by end-April

The sukuk, which comes amid a period of high demand and a flurry of bond sales in the region, is to be launched by the end of April in the name of Dubai Investments Park, a major real estate development Dubai Investments owns on Dubai's outskirts.

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