Dubai is growing as a financial centre that attracts investment and expertise from all points. Its Islamic banks are central to this economic narrative, as is the emirate’s participation in the international market for sukuks, a sharia-compliant alternative to bonds. Islamic finance has become a highly competitive market in Dubai and the emirate is angling to become a...
The year 2014 was an important one for the development of sukuk in Dubai, thanks to a series of sovereign sales from non-Muslim countries that have diversified sources, as well as proved the presence of global interest in this relatively young financial instrument. Sukuk are at the core of Dubai's economic strategy, both as a method of raising capital and as a centre for...
After almost five years without any initial public offerings (IPOs) on either of Dubai’s two equities bourses, 2014 saw a change – first the drought ended, in March, and then activity scaled up with two new stocks added in an eight-day span in September and October. The outlook for offerings is bright, thanks to a combination of the Dubai government’s commitment to...
Equities are lightly traded across the region, and initial public offerings (IPOs) have been few and far between. In Dubai, however, a capital markets culture that has relied on private wealth and bank debt seems ripe for change. The emirate has four regulated trading platforms, and plans to encourage more activity on them are under way. In 2014 the first equity capital...
Given the importance of expatriate workers in the UAE, remittances are a key part of both the economy and the financial services sector. They are also an aspect of the global financial system that has received greater attention of late. Remittances now surpass the value of total foreign development aid and are fast approaching that of foreign investment, according to a...
Banks are poised to face competitive conditions in the UAE’s lending market in 2014 and 2015, due to factors including new regulations, supply-demand dynamics and the sheer number of players looking to lend. The end result is likely to be muted credit growth and a contraction of net interest margins. Loan growth came in at 9.6% in the first 11 months of 2014, on course...
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