The government of Hong Kong has announced plans to list its first successful sukuk offering worth US$1 billion (Dh3.68bn) on Nasdaq Dubai.
Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, who is responsible for realising Dubai’s plan to become the capital of the global Islamic economy, hailed the selection of Nasdaq Dubai for the listing of the world’s first US dollar-denominated sukuk issued by a government with a AAA credit rating.
“We are also pleased to have worked with Hong Kong on this important issue and delighted that it has attracted such strong demand,” said Sheikh Hamdan.
“We look forward to closer working relations with Hong Kong in developing global Islamic financial products.”
Hong Kong’s move highlights Dubai as an important platform for trading Shariah-compliant financial products.
The sukuk, which was oversubscribed, attracted nearly $5bn from global investors, allowing final pricing to tighten from the original price.
The sukuk global roadshow covered Riyadh, Dubai, Abu Dhabi, Doha, Kuala Lumpur, Hong Kong, Singapore, London and New York.
To date, Dubai has attracted more than Dh66bn in sukuk issues.
* Wam
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
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Sector: FinTech / PropTech
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The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
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SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
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The Freedom Artist
By Ben Okri (Head of Zeus)
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now