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UAE banks to arrange $500-mln Goldman Sachs Sukuk

UAE banks to arrange $500-mln Goldman Sachs Sukuk
Emirates NBD
EMIRATESNBD
0.29% 17.30 0.05
ADIB
ADIB
-2.50% 10.92 -0.28
FAB
NBAD
-0.59% 13.40 -0.08
Goldman Sachs has launched Islamic Sukuk worth $500 million for a five-year period in collaboration with three UAE national banks, namely: Abu Dhabi Islamic Bank (ADIB), Emirates NBD and the National Bank of Abu Dhabi (NBAD). Moreover, QInvest, the banking investment activities unit at Saudi Arabia’s National Commercial Bank (NCB) and Goldman Sachs itself are collaborating in the issuance, according to Al Bayan newspaper.

The UAE has maintained the lead in Sukuk issuances during the first half of 2014, with a total of $14.71 billion issuances, representing 59.88% of the Sukuk market. The UAE has been the most active with 54 issuances. Saudi institutions ranked second with $7.35 billion worth of issuances.