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The country's curve has rallied since the US and Iran agreed on a peace MoU
Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Investors have hailed the Investment Corporation of Dubai’s decision to issue a dollar sukuk as a sign that the emirate is genuine about its push to become the self-styled centre of the Islamic economy. ICD began roadshows on Thursday in Singapore as it lines up a dollar debut. -
Pakistan is targeting September to issue what would be only its second ever dollar denominated sukuk, a spokesperson from the country’s ministry of finance told IFIS.
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The Afghanistan Investment Climate Facility Organisation (Harakat) has agreed a $1.17m grant for the Central Bank of Afghanistan to help it launch a Shariah-compliant financing project for small and medium size enterprises.
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International law firm King & Spalding has hired Zaid Al Farisi as a partner for its Dubai and Riyadh offices and is making other hires to expand its Saudi arm.
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Investment Corporation of Dubai will hit the road on Thursday for a dollar debut, building on the recent momentum of United Arab Emirates issuers from the Dubai sovereign, Majid Al Futtaim, Mubadala and Abu Dhabi National Energy Company (Taqa).
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IFIS's exclusive article last week on the United Arab Emirates’ shortfall in bankruptcy rules (“UAE urged to act on Basel III bankruptcy baffler”) has highlighted a Basel III compliance problem that is holding back the whole Gulf region, say bankers. But while the UAE has so far been lax in its response, it should take the lead and spur its neighbours to follow suit.
