First Abu Dhabi Bank, the Emirates’ largest lender by assets, has issued the UAE's first ever dirham-denominated green sukuk, as green issuances take off across the region.
The Dh1.3 billion ($353.93 million) Sharia-compliant instrument also marked FAB’s first dirham-denominated public issuance, it said in a statement on Thursday.
The three-year green sukuk was priced on Wednesday at 4.93 per cent.
The offering is the largest ever dirham sukuk and has the lowest ever pricing achieved by the financial institution in the dirham market, FAB said.
The issuance “showcases the potential of both green and Islamic finance and strongly connects to the UAE’s climate objectives, especially in a year when the country will host Cop28", the bank said.
FAB also acted as joint lead manager and green structuring agent on the sukuk issuance.
“FAB’s inaugural green sukuk, and the UAE’s first AED-denominated green issuance, represent a landmark achievement for both the green finance and Islamic finance sectors in the UAE, as well as for local bonds,” said Hana Al Rostamani, group chief executive of FAB.
“As a leading force for investment banking, FAB fully supports the establishment of a thriving dirham bond market, serving to elevate Abu Dhabi’s increasing role as a centre for global finance.”
The market for green and sustainable bonds as well as sukuk is booming. Companies across the Gulf region are looking to green financing to support their growth ambitions as governments in the oil-rich economic bloc push to meet their net-zero commitments.
In May, Majid Al Futtaim Holding, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, announced $500 million had been raised through a green sukuk.
In the same month, Aldar Investment Properties, the real estate management unit of the emirate’s largest listed developer, Aldar Properties, raised $500 million through its debut green sukuk to fund acquisitions and meet its sustainability goals.
On Wednesday, Abu Dhabi clean energy company Masdar announced it had raised $750 million through the sale of 10-year senior unsecured notes that will help it fund renewable energy projects.
Total Gulf Co-operation Council green and sustainable bond and sukuk issuances last year reached $8.5 billion from 15 deals, compared with $605 million from six deals in 2021, data from Bloomberg’s Capital Markets League Tables showed.
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More from Neighbourhood Watch:
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
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