Emirates Islamic rings market-opening bell to celebrate listing of US$ 500 million Sukuk on Nasdaq Dubai

DUBAI, Salah Mohammed Amin, CEO of Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today rang the market-opening bell to celebrate the listing of a US$ 500 million Sukuk issued by Emirates Islamic on Nasdaq Dubai, in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

The 5 years’ benchmark issuance rated A+ by Fitch Ratings was priced at 2.082% and was 2.4 times oversubscribed, which underlines investors’ confidence in Emirates Islamic’s prospects.

Salah Mohammed Amin, CEO of Emirates Islamic, said: “We are pleased with regional and international investors’ strong appetite towards our issuances as a clear indication of their deep confidence in the bank’s sound fundamentals, growth strategy and ability to reinforce and sustain growth. We would like to extend our sincere thanks to Nasdaq Dubai for its dynamic role in creating a world-class marketplace that cements our links with investors across the world.”

“This issuance will further support Emirates Islamic’s business expansion plans and growth agenda as we seek to continue to be an active contributor towards UAE’s economic growth. Emirates Islamic is committed to support UAE’s agenda in becoming a role model in addressing global challenges,” Salah Mohammed Amin added.

From his side, Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “As part of its active role to support leading issuers from the UAE and beyond, Nasdaq Dubai, the international financial exchange in the region, is delighted to welcome the new Sukuk issuance from Emirates Islamic. The successful issuance and listing of this Sukuk is testament on the confidence of fixed income investors in general and Sukuk investors in particular on the constructive regulatory framework of Nasdaq Dubai. We are committed to further expanding our services in line with the requirements of issuers and investors enabling issuers to raise necessary funds to implement growth strategies as well as to diversify investment opportunities.”

The Emirates Islamic’s Sukuk was listed on Nasdaq Dubai on 2 November 2021, bringing the bank’s current Sukuk value on the exchange to US$ one billion through two issuances. It also strengthens Dubai capital markets status amongst the leading Sukuk listing venues globally with a total value of US$ 80.5 billion.

Source: Emirates News Agency

DFM launches incentives for private businesses’ IPOs across key growth sectors

DUBAI, Dubai Financial Market (DFM) today announced an incentives program to encourage new Initial Public Offerings (IPOs) and listings from private sector companies representing numerous rapidly growing economic sectors that strongly contribute to the GDP as well as the new-economy related companies.

The program encompasses unprecedented incentives including financial support to the cost of private companies’ IPOs on DFM’s Main Market and listing on the Second Market, post listing support through participation on DFM’s international roadshows regionally and globally in addition to a three years’ waiver on listing fees, AGM fees and dividend distribution fees.

The new program is in line with the unwavering efforts to strengthen Dubai’s position as global capital markets hub that included the launch of an AED 2 billion market maker and an AED 1 billion IPOs support fund to encourage tech companies to list on Dubai markets.

Commenting on the new incentives program, Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “Dubai is home to unparalleled portfolio of regional and international private companies. The new incentive program stems from our commitment at DFM to become a platform that accelerates the growth of the private sector and to mirror Dubai’s success as a world-class base for leading businesses regionally and internationally. Moreover, attracting new IPOs will provide DFM’s global network of investors from over 208 nationalities with new investment opportunities.”

Through launching the new incentives for private sector companies looking to go public and list, the DFM seeks to attract companies belonging to rapidly growing sectors that are substantially contributing to the economy such as: Technology, Transport & Logistics, Healthcare, Pharmaceutical, Manufacturing, and Agri-Tech.

Source: Emirates News Agency

UAE, Brazil issue Joint Statement on the official visit of President of Brazil to the UAE

ABU DHABI, The UAE and the Federative Republic of Brazil today issued the following joint statement on the official visit of the President of the Federative Republic of Brazil, Jair Bolsonaro, to the United Arab Emirates, from 13th to 16th November, 2021.

At the invitation of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the President of the Federative Republic of Brazil, Jair Bolsonaro, made his second visit to the United Arab Emirates from 13th to 16th November, 2021. Cabinet members, as well as congressional and business representatives, joined the presidential delegation.

In Dubai, President Bolsonaro was welcomed by H.H. Sheikh Mohammed bin Rashid Al Maktoum. In light of the strategic partnership between the two nations, both leaders discussed bilateral relations and ways to enhance cooperation within the framework of future opportunities, emphasizing common interests to support the bonds of friendship between the two countries. Moreover, President Jair Bolsonaro awarded H.H Sheikh Mohammed bin Rashid Al Maktoum the Grand Collar of the Brazilian National Medal of the Southern Cross, the highest rank of the order that is given to heads of states.

During the meeting, numerous agreements and memoranda of understanding were signed, including a Memorandum of Understanding for partnership between the Emirates Center for Strategic Studies and Research (ECSSR) and the Alexandre de Gusmão Foundation (FUNAG); and a MoU between the UAE Ministry of Education and Brazilian Ministry of Education on cooperation in the education field.

The President of Brazil highlighted that the visit takes place on the occasion of the Golden Jubilee of the United Arab Emirates in celebration of the country’s unification of seven emirates into a modern state that plays an important role in the international community. Moreover, President Bolsonaro highlighted the remarkable developments achieved by the UAE over the past five decades. For his part, H.H. Sheikh Mohammed bin Rashid Al Maktoum congratulated Brazil on the 200th anniversary of its independence, which will be celebrated in 2022.

On 14th November, 2021, President Bolsonaro participated in the opening ceremony of the 17th edition of the Dubai Airshow, the largest aerospace trade event in the world. Emirati officials welcomed the significant participation of Brazil through the Brazilian national pavilion and EMBRAER pavilion representing the Brazilian defense industry.

On 15th November, 2021, President Bolsonaro participated in the celebration of Brazil’s National Day at Expo 2020 Dubai. The President congratulated Emirati leaders for holding Expo 2020 Dubai, the first major global event open to the public and held in-person since the onset of the COVID-19 pandemic.

President Bolsonaro was then welcomed by H.H. Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. The two sides discussed bilateral relations and regional issues of mutual interest. Moreover, H.H. Sheikh Mohamed bin Zayed Al Nahyan was awarded the Grand Collar of the Brazilian National Medal of the Southern Cross, the highest rank of the order that is given to heads of states.

Both leaders reviewed pressing bilateral issues and agreed to continue to deepen the bilateral Strategic Partnership. The two sides expressed interest in holding the first meeting under the signed agreement of Strategic Partnership between Brazil and the UAE in 2022 to discuss topics to include peace and security, sustainable development, economic cooperation, renewable energy, and the tourism, culture, and sports sectors.

The leaders reaffirmed the importance of promoting bilateral economic cooperation and expressed their intention to deepen it. In 2021, total UAE assets in Brazil surpassed USD 10 billion, while 30 Brazilian companies operated in the UAE.

On 15th November, 2021, President Bolsonaro participated in the opening ceremony of the Brazilian-Emirati Investment Forum in a demonstration of the desire of business leaders in both countries to strengthen the bilateral economic relationship.

The Brazilian President recognized the important role the UAE plays in the global logistics sector and in Brazil in particular. Emirati leaders welcomed Brazilian operators’ adherence to Dubai’s World Logistics Passport initiative and expressed their desire for UAE companies and funds to further expand their notable engagement in the Brazilian logistics and infrastructure sectors.

Confident in the expertise and capacity of Brazilian agribusiness to assist in achieving the UAE’s food security strategy, both countries expressed their intention to strengthen bilateral cooperation in the agricultural sector, as outlined in the 2019 Memorandum of Understanding on the Strategic Partnership.

The two sides reaffirmed their readiness to deepen cooperation in combating crime and regulating the extradition and social rehabilitation of imprisoned persons. In this regard, both countries signed an Agreement on the Transfer of Sentenced Persons on 13th November, 2021.

The leaders reaffirmed the importance of defense cooperation and expressed their intention to hold a meeting of the Joint Committee on Defense Cooperation between the two countries. And both countries expressed the desire to establish cooperation in the area of defense products, emphasizing joint initiatives in the area of research and development.

To further enhance the strength of bilateral relations, the leaders welcomed initiatives in the sectors of culture, education, tourism, and sports by signing a Memorandum of Understanding on Education to serve as the basis for educational cooperation in the form of exchange and scholarship programs.

Highlighting the importance of promoting tolerance and coexistence to advance regional stability and economic prosperity, President Bolsonaro welcomed the 2020 signing of the Abraham Accords between the UAE and the State of Israel. The UAE side reiterated that the Abraham Accords represent a historic opportunity that facilitates cooperation, peacemaking, and interfaith dialogue.

Reaffirming the important role played by Brazil and the UAE in their regions, both countries’ leaders exchanged views on pressing issues and reiterated their willingness to carry out recurring consultations, as both nations have been elected non-permanent members of the United Nations Security Council for the 2022-2023 term. The two sides underscored their commitment to promoting peace and stability in their respective regions and worldwide as an extension of their belief in the importance of multilateralism and the vital role the United Nations plays in maintaining international peace and security.

President Bolsonaro expressed his gratitude to the UAE leadership for their warm welcome and hospitality in receiving him and the Brazilian delegation. He wished the UAE a successful Expo 2020 Dubai that continues to position the UAE as a global hub for tolerance, coexistence, and international engagement.

Source: Emirates News Agency

Saqr Ghobash, Speaker of Parliament of North Macedonia discuss relations

ABU DHABI, Saqr Ghobash, Speaker of the Federal National Council (FNC), today received Talaat Jafari, Speaker of the Parliament of North Macedonia, and his delegation currently visiting the UAE.

During the meeting, both sides discussed a range of key topics, including their parliamentary cooperation in international events, the coordination between the FNC and the North Macedonian Parliament, and ways of supporting the bilateral ties between their countries.

At the start of the meeting, Ghobash welcomed Jafari and his delegation, lauding the bilateral relations between the two countries and stressing the importance of boosting their cooperation, most notably in economic, commercial and food security areas.

Jafari highlighted the importance of the relations between the two countries, noting the necessity of reinforcing their cooperation, most notably in parliamentary areas. He also lauded the successful organisation of Expo 2020 Dubai and the UAE’s leading stature.

Source: Emirates News Agency

Nahyan bin Mubarak participates in march for Tolerance and Coexistence Week at Expo 2020 Dubai

DUBAI, Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence and Commissioner-General of Expo 2020 Dubai, participated in an awareness march at Expo 2020 Dubai, organised by the Dubai Police, represented by the Happiness and Positivity Council and the Dubai Police Students Council, coinciding with Tolerance and Coexistence Week.

The march, which aimed to promote tolerance and coexistence among various segments of the community, was attended by 192 students from eight schools and the biking team, and witnessed a considerable turnout from the visitors of Expo 2020 Dubai.

Source: Emirates News Agency

Wall Street mixed as yields uptick weighs on tech; Boeing soars

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Reuters

By Ambar Warrick and David French (Reuters) – Wall Street indexes were showing mixed performance on Monday as technology stocks reversed course on concerns over rising Treasury yields, although possible plane orders stemming from the Dubai Airshow pushed up Boeing and the Dow Jones benchmark. The Nasdaq gave up early gains to trade lower, as heavyweight technology stocks retreated. Higher Treasury yields tend to weigh on tech, as they discount future earnings from the sector. Bank stocks benefited from rising yields, with the financials sector adding 0.3%. Yields rose as investors positioned f… Continue reading “Wall Street mixed as yields uptick weighs on tech; Boeing soars”