Dubai-based Noor Bank plans roadshows for sukuk

Noor Bank is shifting its focus away from unsecured lending. (Reuters)
Updated 30 March 2018

Dubai-based Noor Bank plans roadshows for sukuk

DUBAI: Noor Bank, the Dubai-based lender, plans to start roadshows next week for a benchmark-sized sukuk, according to a source familiar with the matter. A benchmark issue is usually around $500 million.

Citigroup, Deutsche Bank and Standard Chartered are arranging the issue, which will likely have a five year duration, the source said.

Activity in the Islamic bond market has been relatively brisk this month, with Dubai-based airline Emirates, Saudi Arabia’s Dar Al-Arkan Real Estate Development and the government of Sharjah all issuing sukuk. Most recently, Bahrain this week issued a $1 billion sukuk.

Since chief executive John Iossifidis joined Noor in April last year, the bank has undertaken a turnaround plan, including moving away from unsecured lending to small and medium-sized enterprises and shifting the focus of its retail business more toward affluent consumer clients.

The government of Dubai, members of the emirate’s ruling family and a select group of UAE nationals own 88.3 percent of the bank’s shares in aggregate, according to its website.


SABIC eyes methanol plant in Russia’s far east

Updated 15 October 2019

SABIC eyes methanol plant in Russia’s far east

  • SABIC has signed an initial agreement with Russian interests to build and operate a methanol plant in the country’s far east
  • The installed capacity of the proposed plant in the Amur Region is expected to be up to two-million tons of methanol

LONDON: SABIC has signed an initial agreement with the Russian Direct Investment Fund (RDIF) and ESN Group, to build and operate a methanol plant in the country’s far east.
The deal was struck on the sidelines of the Russian President’s visit to the Kingdom.
The installed capacity of the proposed plant in the Amur Region is expected to be up to two-million tons of methanol.
“This is an important milestone in our global growth strategy, which is formulated around competitive feedstock and capacity to innovate and plan strategically,” said Yousef Al-Benyan, SABIC Vice Chairman and CEO.
“We plan to maintain our strategic partnership with the Russian market by continuing to focus on meeting customer needs, increasing our key customer base, and growing our commercial operation.”
Riyadh-headquartered SABIC is the region’s biggest petrochemical company with operations worldwide. It has been rapidly expanding its global footprint over the last year as it pushes into new markets and higher value products.