Abu Dhabi Commercial Bank, the UAE’s third-largest lender, has priced its $650 million green bond that will help it finance eligible projects that meet its environmentally friendly standards.
The five-year bond, which was priced 125 basis points above treasuries, carries a 5.5 per cent coupon rate, ADCB said on Wednesday in a statement to the Abu Dhabi Securities Exchange where its shares are traded.
The transaction was 2.9 times oversubscribed, attracting more than $1.9 billion in orders from local, regional and international investors.
This marks the bank's second green bond issuance, following the debut $500 million green bond issuance in September 2022.
“ADCB’s second green bond issuance is a significant development in the delivery of our climate strategy, which is aimed at financing solutions to tackle climate change in the UAE Net Zero by 2050 Strategic Initiative,” said Alaa Eraiqat, ADCB's group chief executive.
“The positive response from investors to this issuance reflects the value they see in our approach to green finance,” he said.
The market for green and sustainable bonds and sukuk is booming, specifically in GCC economies, as governments in the oil-rich economic bloc push to meet their net-zero commitments.
Total GCC green and sustainable bond and sukuk issuances last year reached a record $8.5 billion from 15 deals, compared with $605 million from six deals in 2021, amid increased participation from banks and government-related entities, data from Bloomberg’s Capital Markets League Tables showed.
Last month, Abu Dhabi clean energy company Masdar listed its first green bond on the London Stock Exchange to fund its new clean energy projects.
Masdar completed its issuance for the $750 million green bond offering on July 19 through the sale of 10-year senior unsecured notes. The offering was 5.6 times oversubscribed, with the order book peaking at $4.2 billion, following strong appetite from regional and international investors.
In April, Abu Dhabi National Energy Company, better known as Taqa, raised $1 billion from its debut green bond, net proceeds of which will be used for financing, refinance and investment in green projects.
In May, Majid Al Futtaim Holding, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, raised $500 million through a green sukuk, its fourth in about four years.
The same month, Aldar Investment Properties, the real estate management unit of the emirate’s largest listed developer, Aldar Properties, also raised $500 million through its debut green sukuk to fund acquisitions and meet its sustainability goals.
ADCB said its latest issuance was linked to the bank’s commitment to provide Dh35 billion ($9.53 billion) in green finance by 2030.
The proceeds will be used to finance eligible green projects in accordance with ADCB's green bond framework, it said.
ADCB reported a 23 per cent increase in its 2022 net profit, driven by higher income across its operations.
Net profit attributable to equity holders for the 12 months ending December reached a record Dh6.43 billion, up from Dh5.24 billion a year earlier.
Killing of Qassem Suleimani
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MANDOOB
%3Cp%3EDirector%3A%20Ali%20Kalthami%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Mohammed%20Dokhei%2C%20Sarah%20Taibah%2C%20Hajar%20Alshammari%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
Paris%20Agreement
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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
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
India cancels school-leaving examinations
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EZack%20Snyder%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESofia%20Boutella%2C%20Djimon%20Hounsou%2C%20Ed%20Skrein%2C%20Michiel%20Huisman%2C%20Charlie%20Hunnam%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
ATP RANKINGS (NOVEMBER 4)
1. Rafael Nadal (ESP) 9,585 pts ( 1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
11. David Goffin (BEL) 2,335 ( 3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 ( 1)
15. Denis Shapovalov (CAN) 2,050 ( 13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 ( 7)
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
