Emirates Development Bank, the state-owned lender tasked with helping to develop the UAE's industrial sector, listed a $750 million bond on Nasdaq Dubai.
The five-year issuance attracted strong interest from global investors at a yield of 1.639 per cent. It was 4-times oversubscribed, with 34 per cent of orders coming from Mena investors, 36 per cent from Europe, 28 per cent from Asia and 2 per cent from the US offshore market, according to a statement from the exchange.
"This bond issue enhances our financing capabilities and progress towards implementing the bank’s new strategy, which aims to support the country’s economic diversification plans, empowering individuals, small and medium-sized enterprises, and large corporates in priority industrial sectors,” Dr Sultan Al Jaber, minister of industry and advanced technology and chairman of EDB, said in an earlier statement.
EDB, which was founded in 2011 through the merger of Emirates Industrial Bank and the Emirates Real Estate Bank, is set to play an integral role in advancing the UAE's industrial strategy through Operation 300bn – an initiative unveiled by the government in March to raise the industrial sector's contribution to gross domestic product to Dh300 billion by 2031, from Dh133bn currently.
The lender aims to provide Dh30bn ($8.17bn) in financing over the next five years to support the UAE’s efforts to strengthen its industrial sector.
It plans to fund industries such as health care, infrastructure, food security and technology and help to create 25,000 jobs during the period. The strategy is expected to create 13,500 new companies in the industrial sector and aims to raise industrial research and development spending from 1.3 per cent to 2 per cent of GDP by 2031.
“The $750 million bond issue is an endorsement of EDB’s long-term prospects and reflects our strong credit profile and new strategic roadmap. This transaction helps us mobilise capital to accelerate our long-term goals of supporting the UAE’s economic diversification plans,” said Ahmed Al Naqbi, chief executive of EDB.
The listing of EDB's bond also reinforces Dubai’s position as the largest listing venue in the Middle East for US dollar-denominated debt, with a total value of $96.876bn, Nasdaq Dubai said.
Listings of bonds by banks on Nasdaq Dubai have increased in recent months. Emirates NBD, Dubai's biggest lender by assets, listed a $750m bond this month, following an earlier issue for the same amount in January. The Islamic Development Bank also listed its first sustainability sukuk, a $2.5bn Islamic bond, on the exchange in April. Dubai Islamic Bank also issued a $500m sukuk on the exchange in the same month.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
'I Want You Back'
Director:Jason Orley
Stars:Jenny Slate, Charlie Day
Rating:4/5
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THREE
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
UAE currency: the story behind the money in your pockets
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
UAE currency: the story behind the money in your pockets
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
FIGHT%20CARD
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UAE currency: the story behind the money in your pockets
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
