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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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The sukuk market reached another peak in 2011 with record issuance despite political upheaval in several Middle East countries, according to latest IFIS research (see http://www.securities.com/ifis/library.html). Total sukuk issuance was $92.2bn, IFIS data shows - surpassing the previous 2010 peak, $54.86bn, by 68.2%.
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The ongoing efforts of companies to address large sukuk and conventional bond maturities has provided an area of focus for UAE investors on Monday. Both Dubai government-owned Jebel Ali Free Zone (Jafza) and Abu Dhabi government-owned Tourism Development Investment Company (TDIC) are mulling plans to meet their obligations.
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Abu Dhabi National Energy Company ( Taqa ) on Sunday priced the first MYR650m ($216.1m) tranche of the MYR3.5bn sukuk programme it set up in October. The 10-year deal was the first ringgit sukuk issuance from a non-financial MENA company and was increased from its previous MYR500m after Taqa claimed strong demand.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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UAE law firm Habib Al Mulla & Co has promoted Mazen Boustany and Ghassan El Daye to partners at its Dubai and Abu Dhabi offices respectively. The total number of partners is now five.
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Syarikat Takaful Malaysia (Takaful Malaysia) has reported full year profit before tax and zakat of MYR101.4m ($33.72m), the first time it has passed the MYR100m level for the first year since the company was set up in 1984. The result was up 55% on 2010, while operating revenue was up 17% to MYR1.4bn.