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.
COMPANY%20PROFILE
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What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
Sri Lanka squad for tri-nation series
Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
