Dubai Islamic Bank marks listing of $750m bond

The value of DIB’s sukuk listed on the exchange is now $6 billion, including the latest listing, from seven instruments. (Reuters)
Updated 07 February 2019
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Dubai Islamic Bank marks listing of $750m bond

  • The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East
  • The total value of all sukuk listed on Dubai’s exchanges has now reached $61.14 billion, the largest amount of any listing center in the world

LONDON: Dubai Islamic Bank (DIB) on Wednesday marked the listing of a $750 million sukuk — or Islamic bond — on the Nasdaq Dubai exchange. Executives on Wednesday rang the opening bell at the exchange following the listing, which took place on Jan. 22.
The value of DIB’s sukuk listed on the exchange is now $6 billion, including the latest listing, from seven instruments. The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East, the UAE state news agency WAM reported.
“The high subscription rate for our latest sukuk demonstrates strong global investor confidence in DIB’s performance and strategy,” said Adnan Chilwan, group chief executive of DIB.
“Our listing on Nasdaq Dubai provides our issuance with a well-regulated platform that has close links to regional and global investors. We will maintain our policy of close engagement with the investor community to inform them of our positive financial performance and plans.”
The total value of all sukuk listed on Dubai’s exchanges has now reached $61.14 billion, the largest amount of any listing center in the world, WAM reported.
Hamed Ali, chief executive of Nasdaq Dubai, said, “DIB’s role as a major issuer of sukuk reflects the bank’s expertise and longstanding experience in many aspects of Islamic finance across the UAE and beyond.”


China’s Huawei to launch 5G at Africa Cup of Nations in Egypt

Updated 45 min 26 sec ago
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China’s Huawei to launch 5G at Africa Cup of Nations in Egypt

  • The Chinese firm will introduce the technology at the 74,000-capacity Cairo International Stadium
  • The stadium is set to host 10 games including the final of this summer's Africa Cup of Nations

CAIRO: Huawei will roll out its 5G phone network for the first time during this summer’s Africa Cup of Nations, Egypt’s minister of communications and information technology said on Sunday.

The Chinese firm will introduce the technology at the 74,000-capacity Cairo International Stadium, which is set to host 10 games including the final during the competition.

“Egypt wishes to cooperate with Huawei in the field of artifical intelligence, technology transfer and with 5G,” Amr Talaat said.

Huawei is the leading manufacturer of equipment for next-generation 5G mobile signal with almost instantaneous data transfer that will become the nervous system of Europe’s economy, in strategic sectors like energy, transport, banking and health care.

However, some Western nations have barred it amid fears Beijing could gain access to sensitive communications and critical infrastructure but Huawei denies all these accusations.

The biennial Cup of Nations takes place between June 21 and July 19 in the north African country.

Defending champions and original hosts Cameroon are in a tricky group alongside Ghana, Benin and Guinea-Bissau.

Egypt was awarded the staging rights in January, following the decision to strip Cameroon of the finals due to delays in preparation.