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Banks, developers lift Abu Dhabi bourse

: Tuesday, July 01 - 2014 @ 16:53

Like the Dubai financial market, the ADX rebounded, but closed only slightly higher on Tuesday, July 1. In June, the gauge lost 11.21 per cent. In the first of 2014, the ADXGI advanced by 10 per cent. The equity index ADXGI gained 0.62 per cent to reach 4,579.40 points. National Marine Dredging Company jumped 14.59 per cent to close at AED8.48.

United Arab Bank (UAB) closed even. Earlier in the day, lender said in a filing to the bourse it completed a 3-year syndicated Murabaha facility worth $100 million with four banks based in the UAE, Bahrain, and Kuwait. The Murabaha deal is the first Islamic syndication completed by UAB. Under the Sharia-compliant scheme of Murabaha, the bank buys goods or property for a client and re-sells the object(s) to the client at a higher price which the latter pays off over a predefined period of time

“Al Hilal Bank, headquartered in the UAE, served as the mandated lead arranger and bookrunner for the deal, while the Arab Banking Corporation or ABC, headquartered in Bahrain and Sharjah Islamic Bank, were the other mandated lead arrangers.”

The syndicated Murabaha facility which has been taken out for general corporate purposes, was almost twice oversubscribed.

Gérard Al-Fil

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Tuesday, July 1- 2014 @ 16:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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