UAE market sees huge boost as economy grows| MENAFN.COM

Wednesday, 30 November 2022 11:22 GMT

UAE market sees huge boost as economy grows


(MENAFN) The UAE business fraternity records the pedal to the metal this week with a slew of declarations showing its capital capability and economic steadiness in the public and private industries.

Dubai Islamic Bank, rated A3 by Moody’s and A by Fitch, on Wednesday valued its inaugural sustainable sukuk, a USD750 million 5-year senior issue with an income level of 5.49 percent an annum, showing a spread of 155 basis points during five-year US Treasurys.

As shown by a press note, it is the initial maintainable sukuk from a UAE economic institution and the biggest from a bank based in the Gulf Cooperative Council region in more than 7 months (February).

The sukuk, registered on Euronext Dublin as well as NASDAQ Dubai, was established to invest in green and social initiatives and ventures.

“We are delighted to have issued our inaugural sustainable sukuk today. This deal was very important for DIB given our strong commitment to Sustainable Finance and the UAE’s Net Zero agenda and the Dubai Clean Energy Strategy,” according to Adnan Chilwan, group chief executive of DIB.

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