Abu Dhabi-based Tabreed, a prominent district cooling company, has successfully raised $700 million through its inaugural five-year green sukuk. This issuance marks the first under the company’s new $1.5 billion trust certificate issuance program. The sukuk will be listed and traded on the London Stock Exchange’s International Securities Market. The issuance saw strong institutional demand,...
The Central Bank of the UAE (CBUAE) has signed a Statement of Commitment to the FX Global Code, marking its position as the first central bank in the Arab world to adopt this important framework. By joining a global coalition of central banks and financial institutions, the CBUAE aims to promote integrity and best practices...
UAE lender Deem Finance, which is part of the Gargash Group, has successfully obtained an asset-backed securitization facility (ABS) of up to $400 million from J.P. Morgan. This significant financing arrangement aims to enhance the company’s balance sheet and to support its lending activities directed towards small and medium-sized enterprises (SMEs) and consumers. The deal...
Dubai is set to open a dedicated building, known as the DIFC Hedge Funds Centre, specifically designed for hedge fund startups aiming to expand into the city. This initiative reflects Dubai’s growing reputation as a hub for the hedge fund sector and is expected to result in 20 to 30 contracts being signed by the...
Al Etihad Payments (AEP), which is a part of the Central Bank of the UAE (CBUAE), has announced the start of Jaywan, the UAE’s first domestic card scheme. It can now be used anywhere in the world. This project fits with the UAE’s plan to become more digital and will help the country become a...
The UAE banking sector demonstrated robust performance in 2024, characterized by a notable increase in lending and improved cost efficiency. According to a report by Alvarez & Marsal (A&M), the sector saw double-digit growth in lending, with a remarkable 12.6 percent year-on-year (YoY) increase across the top 10 banks. This growth was heavily influenced by...
Cryptocurrency exchange Bybit is on the verge of obtaining a full operational license in the United Arab Emirates after recently experiencing a significant hack that resulted in a loss of $1.4 billion. The exchange announced that it received in-principle approval from the Securities and Commodities Authority (SCA) to operate as a virtual asset platform within...
Aani, the instant payments platform launched by the Central Bank of the UAE, has successfully enrolled 1.5 million users since its inception. This significant milestone reflects the Emirates’ ongoing efforts to enhance financial inclusion and modernize its payment systems. The platform has also partnered with 57 financial institutions and onboarded approximately 80,000 merchants, further expanding...
Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab Emirates, has launched its first-ever Sustainability-Linked Finance Facilities Financing Framework. This initiative makes DIB the first Islamic bank in the world to create such a framework, which aligns with the International Capital Market Association’s Sustainability-Linked Loan Principles Accroding to MSN, the newly introduced...
Gulf Bank K.S.C.P., one of Kuwait’s leading conventional banks, has successfully signed a $650 million Senior Unsecured Syndicated Term Loan Facility. This marks Gulf Bank’s debut in the international syndicated loan markets and provides a sustainable and diversified financing route for the bank. The loan was coordinated by Emirates NBD Capital Limited and Standard Chartered,...