Emirates NBD, Dubai’s biggest the bank by assets, and the US-based investment bank BNY Mellon have signed a partnership that allows international investors a greater access to the UAE and will help in further broadening the country’s capital markets.
The alliance will also provide Emirates NBD customers access to BNY Mellon’s global custody, asset servicing, data and technology capabilities, as it contributes it local market expertise to the deal, the companies said in a statement on Tuesday.
“Our strategic collaboration comes at a pivotal time of transformation in the UAE’s capital markets and is testament to Emirates NBD’s ongoing commitment to enhancing local market infrastructure,” said Shayne Nelson, group chief executive of Emirates NBD.
“The alliance brings Emirates NBD’s on-ground strengths … together with BNY Mellon’s global expertise as the world’s largest custodian to create a win-win proposition for regional and overseas investors alike.”
The UAE capital markets have seen a sharp rise in trading activity in the past two years, with significant rise in both the value and volume of trade on the Dubai Financial Market and the Abu Dhabi Securities Exchange amid continued economic momentum in the Arab world’s second-largest economy.
Foreign investor interest in the UAE markets has also increased with a series of listings both on the DFM and the ADX, the Arab-world’s second-largest bourse in terms of market capitalisation.
Dubai's Tecom Group, the operator of business districts that are home to more than 7,800 companies, last month raised Dh1.7 billion ($463 million) from its initial public offering on the DFM. It made it trading debut on Tuesday.
It follows the listing of the Dubai Electricity and Water Authority, which in April, raised Dh22.41bn from its IPO, the largest public float in the Middle East and Europe since Saudi Aramco's IPO in 2019.
Last year, Dubai announced plans to list 10 state-owned companies as part of its strategy to double the size of its capital market to Dh3 trillion and attract foreign investment.
Dubai’s toll systems operator Salik and retailer Union Coop have already announced plans to list on the Dubai bourse.
On the ADX, Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, closed its $2bn IPO in May, the biggest share sale on the bourse that was about 42 times oversubscribed.
The string of IPOs on the ADX also includes shares float of Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate that began trading in February.
In October, Fertiglobe raised about $795m from its listing, while Adnoc Drilling raise $1.1bn from its listing in the same month.
In July, Al Yah Satellite Communications, a unit of Mubadala Investment Company, raised about $730m through its public float.
The Emirates NBD’s and BNY Mellon’s partnership comes at “an opportune moment, with a number of local champions coming to market through the UAE’s IPO boom,” said Akash Shah, chief growth officer at BNY Mellon.
“Together, we will help create the infrastructure to capture long-term value from the UAE’s financial ecosystem, increase operational efficiencies and investor access.”
BNY Mellon currently works with a range of sovereign wealth funds, financial institutions, governments and other clients throughout the region. It offers asset servicing and ancillary services, corporate trust and treasury services to its clients.
The New York-based investment bank had $45.5 trillion in assets under custody or administration as of end of March this year, while its assets under management reached $2.3tn.
“BNY Mellon is proud to continue to build on our rich decades-long history in the Middle East and play an important role in enhancing the region’s vibrant market infrastructure with Emirates NBD,” said Robin Vince, chief executive-elect of BNY Mellon.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
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Killing of Qassem Suleimani
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
UAE currency: the story behind the money in your pockets
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
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
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Mohammed bin Zayed Majlis
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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