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Dubai Islamic Bank (DIB) has issued a USD 500 million Additional Tier 1 Sukuk with a profit rate of 5.25% per annum. This Basel III-compliant Sukuk aims to enhance DIB's capital adequacy ratio and optimize its balance sheet. The issuance attracted a diverse group of investors, including banks and fund managers from Europe, Asia, and the Middle East. The transaction achieved a reset spread of 133.4 basis points over the US Treasury rate, marking the lowest for an AT1 instrument globally since the 2009 financial crisis. High investor interest allowed DIB to adjust the pricing from an initial 5.75% to 5.25%. Dr. Adnan Chilwan, DIB's Group CEO, expressed satisfaction with the transaction, noting it as the lowest yield achieved by an Emerging Markets Bank since April 2022. The Sukuk will be listed on Euronext Dublin and NASDAQ Dubai, and DIB holds credit ratings of A3 Stable from Moody's and A Stable from Fitch.

BHM Capital, a prominent financial services firm from the UAE, showcased its expertise in enhancing the competitiveness of financial markets at the "Portfolio Egypt 2024" conference in Cairo. The event, organized by Al Mal GTM in partnership with various financial authorities, focused on the theme "Arab Stock Markets: Competition or Integration?" and gathered key figures from the Arab financial sector. BHM Capital's leadership highlighted their knowledge in areas like market making, liquidity provision, and financial derivatives, which are soon to be introduced in the Egyptian market. Alaa Dwekat, Deputy CEO of BHM Capital, emphasized the potential for turning challenges into opportunities through cooperation and integration, while Ma’an Albostami, COO, discussed the importance of derivatives trading and market makers. The conference was inaugurated by Egypt's Minister of Finance and included notable participants such as the UN Special Envoy for the 2030 Finance Agenda and the CEO of the Abu Dhabi Stock Exchange.

The ordinary general meeting of GFH Financial Group B.S.C. was held on October 9, 2024, from 11:00 am to 11:40 am Bahrain time, via visual communication means. The meeting was chaired by Mr. Hisham Alrayes, with a quorum attendance of 39.14%. The following agenda items were approved: 1. The minutes of the previous meeting held on March 24, 2024. 2. The Board of Directors' recommendation to establish a Sukuk Programme valued at up to USD 500 million through a Special Purpose Vehicle, pending necessary regulatory approvals. Shareholders also approved the issuance of Sukuk worth USD 500 million in one or more tranches. 3. Modifications to the terms and conditions of the existing USD 500 million Sukuk due in 2025, including an offer for early redemption. 4. Delegation of authority to the Board of Directors to execute the Sukuk Programme and Offer, including obtaining necessary approvals, concluding agreements, and taking actions deemed essential.

Union Properties has launched the 'Takaya' project in Dubai Motor City, aiming to enhance urban living in Dubai's real estate market. The project, unveiled at the Ritz Carlton DIFC, includes three residential towers with 744 apartments, penthouses, townhouses, villas, and commercial spaces. It features a 500-meter retail boulevard and overlooks the Dubai Autodrome. Takaya offers a range of unit sizes and competitive pricing, along with spacious living areas and a post-handover payment plan. The project is designed to attract investors and meet diverse customer needs, contributing to the development of Dubai's real estate sector.

Response Plus Holding PJSC reported a 30% increase in revenue, reaching AED 323.03 million in the third quarter of 2024, compared to AED 247.82 million in the same period in 2023. The company's net profit before tax rose by 15% to AED 43.49 million. Earnings per share increased to 20 Fils, and EBITDA grew by 26% to AED 55.90 million. Total assets rose to AED 351.22 million, and total equity reached AED 233.1 million as of September 30, 2024. CEO Dr. Rohil Raghavan highlighted the company's growth across business verticals and the acquisition of Prometheus Medical International, positioning RPM for continued growth. The company plans to pursue projects in collaboration with governments and private sectors globally.

ADNOC Logistics and Services, in partnership with Wanhua Chemical Group through AW Shipping, has awarded $250 million in contracts to Jiangnan Shipyard for the construction of two Very Large Ammonia Carriers (VLACs). These vessels, set to be delivered by 2028, will be among the largest in the world, with a carrying capacity of 93,000 cubic meters each. The ships will feature energy-efficient dual-fuel engines capable of using liquefied petroleum gas or conventional fuels, aligning with the rising demand for lower-carbon energy sources. The contracts were signed in Abu Dhabi, coinciding with the opening of Jiangnan Shipyard's first Middle East office, enhancing the industrial ties between the UAE and China.

Response Plus Holding PJSC reported a 30% increase in revenue, reaching AED 323.03 million in the third quarter of 2024. The company's net profit before tax rose by 15% to AED 43.49 million. Earnings per share for the first nine months of 2024 increased to 20 Fils, and EBITDA for the third quarter rose by 26% to AED 55.90 million. Total assets grew to AED 351.22 million, and total equity reached AED 233.1 million as of September 30, 2024. CEO Dr. Rohil Raghavan highlighted the company's strong growth across all business verticals and its latest acquisition, Prometheus Medical International, which enhanced its capabilities. He emphasized RPM's strong project pipeline and commitment to targeting sectors with long-term growth potential.