Local Economy

The rating is supported by a high probability of support available to the bank

18 May 03:33 PM Fitch affirms Sharjah Islamic Bank’s rating at BBB+; outlook stable

Abu Dhabi – Mubasher: Fitch Ratings has affirmed Sharjah Islamic Bank’s (SIB) long-term issuer default rating (IDR) and viability rating (VR) at 'BBB+' and 'bb+', respectively, with a stable outlook. The rating is supported by a high probability …

Banking and Finance

Dubai Holding is committed to supporting its development in Dubai’s next phase of growth

18 May 03:10 PM Dubai Holding takes part in Arabian Travel Market 2021

Dubai – Mubasher: Dubai Holding has taken part in Arabian Travel Market 2021, the largest regional trade and consumer event. The diversified global holding company is represented by Jumeirah, Global Village, Hatta Resorts, Hatta Wadi Hub, and …

Fitch forecasts further pressure on CBD's asset quality and profitability

18 May 02:59 PM Fitch affirms Commercial Bank of Dubai's rating at 'A-' with stable outlook

Dubai – Mubasher: Fitch Ratings has affirmed Commercial Bank of Dubai's (CBD) long-term issuer default rating (IDR) and viability rating (VR) at 'A-' and 'bb+', respectively, with a stable outlook. The IDR rating was backed by support from the UAE …

Ratings

The hired banks include Emirates NBD Capital and FAB

18 May 10:00 AM Emirates NBD hires banks for US dollar AT1 bond issuance

Dubai – Mubasher: Emirates NBD has hired banks to arrange for the issuance of US dollar-denominated Additional Tier 1 bonds, non-callable for six years, Reuters reported. The hired banks comprise Emirates NBD Capital, First Abu Dhabi Bank (FAB), …

Bonds

The UAE has topped the region in adopting the ongoing energy transition

18 May 09:41 AM UAE reiterates commitment to cut CO2 emissions by 70%

UAE - Mubasher: The UAE government has confirmed its commitment to cut carbon dioxide emissions by 70% and raise clean energy use by 50% by 2050, the UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei, announced during the inaugural …

ADEX will grant TDB a line of credit

17 May 12:36 PM ADEX inks AED 110m credit agreement to bolster UAE's trade with Africa

UAE - Mubasher: Abu Dhabi Exports Office (ADEX) has signed a credit agreement worth AED 110.2 million ($30 million) with the Eastern and Southern African Trade and Development Bank (TDB) to strengthen the trade between the UAE and the bank's …

Dubai's CPI inched up 0.17% in April

16 May 03:40 PM Dubai's CPI down 3% YoY in April

UAE - Mubasher: Dubai's Consumer Price Index (CPI) declined by 2.64% year-on-year (YoY) in April 2021, according to the latest data by the Dubai Statistics Centre (DSC). The prices of the housing, water, electricity, gas, and other fuels, food and …

The ministry has conducted 212,212 COVID-19 tests

13 May 01:27 PM UAE records 1,512 new COVID-19 cases

UAE - Mubasher: The UAE has reported 1,512 new coronavirus (COVID-19) cases to raise the total number of cases to 542,158, the UAE Ministry of Health announced on Thursday. The ministry has conducted 212,212 COVID-19 tests to detect cases. The …

The PMI reading recorded the highest level since November 2019

10 May 01:30 PM Dubai's non-oil private sector on track to pre-COVID levels- IHS Markit

UAE - Mubasher: The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) increased to 53.5 in April from 51 in March, reflecting a faster recovery across Dubai's non-oil private sector economy. The PMI reading recorded the highest …

The bond issuance was six times over subscribed

9 May 10:46 AM Etisalat completes EUR 1bn bond issuance

Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has completed the issuance of seven and 12-year bonds valued at EUR 1 billion under its established Euro Medium Term Note (EMTN) Programme worth $10 billion. The euro-dominated …

Bonds

DIFC, DFSA, and MFTA have founded DIFC Innovation Panel

5 May 01:09 PM DIFC partners with MENA FinTech Association to develop future of finance

UAE - Mubasher: Dubai International Financial Centre (DIFC) has inked an agreement with the MENA FinTech Association (MFTA), a non-profit and member-based organisation with 46 cross border FinTech bridges, to create an innovation forum and foster …

Companies Investments

The recovery pace will vary among key sectors

5 May 10:56 AM Moody's affirms UAE's Aa2 rating; outlook stable

UAE - Mubasher: Moody's Investors Service (Moody's) has affirmed the Aa2 long-term issuer rating of the UAE government, with a stable outlook. The affirmed rating reflects the low impact of the coronavirus (COVID-19) pandemic on the federal …

Committed gas investments will likely plunge by $9.5 billion

4 May 02:39 PM MENA energy investments likely to surpass $805bn by 2025

Mubasher: Total planned and committed investments in MENA’s energy sector are expected to exceed $805 billion over the coming five years, the Arab Petroleum Investments Corporation (APICORP) said. This will mark an increase of $13 billion from the …

The exchange's new PKR Futures Contract registered 180 lots

4 May 02:19 PM DGCX records surge in Indian Rupee Quanto, silver future contracts in April

UAE - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) recorded a monthly Average Open Interest (AOI) of 179,554 contracts during April. The DGCX reported a 562% year-on-year (YoY) Average Daily Volume (ADV) surge in Indian Rupee Quanto …

Etisalat has hired banks to arrange an investor call for euro bond issuance

4 May 01:14 PM Etisalat hires banks for planned dual-tranche euro bond issuance

Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has hired banks to arrange an investor call for a planned euro-denominated bond issuance of seven and 12 years, Reuters reported. The hired banks comprise BNP Paribas, First Abu …

Companies Investments

The value of real estate sales neared AED 5 billion

4 May 12:47 PM Abu Dhabi's real estate transactions hit AED 11.5bn in Q1-21

UAE - Mubasher: The total value of real estate transactions in Abu Dhabi amounted to AED 11.5 billion during the first quarter (Q1) of 2021, according to a recent report by the Abu Dhabi Department of Municipalities and Transport (DMT). …

Output charges rise for the first time in over two-and-a-half years

4 May 11:29 AM UAE sees solid improvement in non-oil private sector in April

UAE - Mubasher: The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) increased to its highest level since mid-2019 to record 52.7 in April from 52.6 in March, reflecting a solid improvement in the country's non-oil private …

The holiday will begin on Tuesday 11 May

4 May 10:50 AM UAE announces Eid Al Fitr holiday for public sector

UAE - Mubasher: Eid Al Fitr holiday for the UAE's federal entities will begin on Tuesday, 29 Ramadan, until 3 Shawwal, based on the Islamic Hijri calendar, the Federal Authority for Government Human Resources (FAHR) announced on its official …

Etisalat has been recognised as the world’s fastest mobile network

3 May 03:35 PM UAE tops mobile network speed testing in Q1

UAE – Mubasher: The UAE came in the first position for mobile network speeds worldwide in the first quarter (Q1) of 2021, according to the latest data from the US internet testing and analysis company Ookla. The GCC nation beat South Korea and …

Middle East Energy Dubai will kick off on 17 May

3 May 03:10 PM Middle East seen as market leader in renewable, clean energy

Mubasher: The MENA region is projected to see 83 GW of renewable and clean energy capacity, mainly from solar and wind power, by 2035, according to a research from Informa Markets. In addition, over AED 55 billion worth of solar power projects …

The MEA region had the lowest number of corporate debt defaults in 2020

3 May 02:51 PM EM corporate debt likely to remain resilient in 2021 – Report

Mubasher: Companies in the Middle East and Africa (MEA) region recorded the least number of debt defaults in 2020 amid the coronavirus (COVID-19) pandemic. Despite the challenges posed by the pandemic, investment experts at Aberdeen Standard …

Selling prices in the Middle East are set to the averages of Dubai and Oman crude oil.

3 May 12:28 PM Average Dubai crude oil price drops to $62.894 pb in April

Dubai – Mubasher: The Middle East crude benchmark Dubai, as quoted by price-reporting agency S&P Global Platts, fell to an average of $62.894 per barrel (pb) in April, oil industry sources told Reuters. The Middle East producers set their monthly …

DMCC was awarded Global Free Zone of the Year in 2020

2 May 02:50 PM DMCC hits seven-year high in number of firms joining in April

Dubai – Mubasher: Dubai Multi Commodities Centre (DMCC) registered a total of 216 new companies during April, the largest number for the month in seven years. The Free Zone and Government of Dubai Authority on commodities trade and enterprise also …

The DGCX traded 12.73 million contracts in 2020

2 May 01:23 PM Israeli firms can now join Dubai Gold & Commodities Exchange

Dubai – Mubasher: The Dubai Gold & Commodities Exchange (DGCX) has obtained the Israel Securities Authority’s (ISA) approval, allowing Israeli firms that trade on a proprietary basis to join and use its trading services and platforms. Israeli …

Photo Archive

2 May 11:47 AM UAE's GDP amounts to AED 1.4trn in 2020

UAE – Mubasher: The UAE economy showed better-than-expected performance in 2020 despite the global challenges posed by the coronavirus (COVID-19) pandemic, the Minister of Economy, Abdulla Bin Touq Al Marri, said. The initial economic results …