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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
The duo were the first AT1s from the GCC since Emirates NBD's reopener in April
Books were more than double the deal's size at launch
The company is expanding outside Turkey, such as into Saudi Arabia
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The long wait for Saudi Aramco and French firm Total to come to market with up to 3.75bn Saudi riyals ($1bn) of sukuk appears to be approaching fruition, with final pricing now expected for the end of this month. Arrangers have said pricing, which will be tied to the six-month Saudi interbank offered rate (Saibor), will take place on September 28. Final allocations will then be completed on October 3, with expected settlement taking place on October 8.
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There are promising signs of a return of Islamic project finance activity in the middle east and north Africa, according to investment research from Citi. Analysts say that construction projects in the MENA region grew by 13.5% in August on those awarded last year. The $5.5bn of projects awarded in the region were still below the 5.9% historical average, however, but cumulative rolling project award growth is 1.7%.
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The ( SC ) today signed a letter of intent with Tsinghua University's School of Economics and Management (Tsinghua SEM), one of the top business schools in China, to develop an annual five-day Malaysia-China Financial Programme for Senior Executives (MCFP). The MCFP aims to provide participants in-depth knowledge and innovative thinking on China.
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The SC continues to receive queries on the Sime Darby-E&O shares transaction. We would like to reiterate that we are examining the circumstances surrounding the transaction for any Takeover Code implications. We are also reviewing all stock transactions by all parties over the relevant period related to this matter. The outcome of these two reviews will only be known after all the relevant facts have been established.
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Leading Dubai-based Islamic Finance consultancy to realise business potential in Egypt advising bankers and fund managers