The cumulative balance of facilities and loans extended by banks operating in the UAE to small and medium-sized enterprises (SMEs) reached Dhs81.2 billion by the end of the first half of 2024, according to the latest statistics released by the Central Bank of the UAE (CBUAE).
Loans to SMEs accounted for 9.5 per cent of the total cumulative balance of financial facilities provided to the commercial and industrial sectors in the UAE, which amounted to Dhs855.7 billion at the end of June.
The SMEs sector represents more than 95 per cent of the total number of companies operating in the country and provides jobs to around 86 per cent of the private sector’s workforce.
FAB Asset Management raises $200m: First Abu Dhabi Bank (FAB) has raised almost $200 million assets under management (AUM) through a new Fixed Maturity Portfolio (FMP) - marking record subscription levels.
The portfolio includes the second series of FAB’s conventional fixed maturity portfolio, following a successful first series roll-out in 2023, as well as the bank’s first Shari’ah-compliant FMP.
Launched to meet the varying needs and investment preferences of FAB clients, these funds were made available to professional investors and hold a duration of three years - with the FAB Mena Plus Fixed Maturity Portfolio Series 2 yielding a net 5.50% and FAB Sukuk Mena Plus Fixed Maturity Portfolio Series 1 yielding a net 4.50%.
The portfolios have been designed to deliver a high yield with the quarterly dividends paid out or reinvested.
The income is generated from carefully selected bonds and Sukuks across regions and sectors, offering a well-diversified portfolio of fixed-income instruments to reduce volatility and risk.
DIB’s Sukuk: Nasdaq Dubai welcomed the listing of $500 million Sukuk issued by Dubai Islamic Bank (DIB).
The additional Tier 1 (AT1) Sukuk was issued at a profit rate of 5.25 per cent per annum and received strong investor demand, resulting in substantial oversubscription. This strategic issuance reinforces DIB’s leadership in the global Islamic finance sector, providing additional capital to support its growth strategy.
With this listing, Nasdaq Dubai further cements its position as a leading global hub for Sukuk, with a total outstanding Sukuk now reaching $93 billion across 102 listings and a combined $133 billion in capital market listings.
The issuance attracted diverse investors, including financial institutions, private banks, and fund managers from Europe, Asia, and the Middle East, underscoring the growing appeal of Islamic financial instruments and highlighting investor confidence in the UAE’s robust financial market. The Sukuk is dual listed on Nasdaq Dubai and Euronext Dublin.
To commemorate the listing, Saeed Wajdi, Chief of Treasury at DIB, rang the bell at the market-opening ceremony at Nasdaq Dubai alongside Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market.