Dubai will finance the world's tallest office tower with Islamic debt as the Arabian Gulf business hub steps up sukuk sales amid plans to create a global centre for the industry.
Dubai Multi Commodities Centre will draw on a mix of funding, including Sharia-compliant bonds, to pay for the skyscraper, which will stand at least 520 metres tall and cost about US$1 billion, DMCC chairman Ahmed bin Sulayem said in an interview on July 24. "When we go with something, we would like it to be Islamic."
Dubai said in January it wants to make Islamic finance a "core industry'' amid forecasts by Standard & Poor's that global Islamic assets will double to as much as $3 trillion by 2015. Sukuk sales by Dubai issuers including the state utility and Emirates airline, accounted for 35 per cent of total offerings in the Gulf Cooperation Council this year, up from 26 per cent in the same period in 2012, data compiled by Bloomberg show.
The emirate's borrowing costs dropped two times more than the global average for sovereign sukuk since reaching a record on June 26.
The commercial skyscraper will join Dubai's skyline in about five years, according to Mr bin Sulayem. Dubai is already home to the Burj Khalifa, the tallest mixed-use tower in the world at a height of 828 metres.
* Bloomberg News
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Background: Chemical Weapons
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
SUZUME
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Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
UAE currency: the story behind the money in your pockets
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Killing of Qassem Suleimani
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Company%20profile
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UAE currency: the story behind the money in your pockets
