UAE Islamic financial institution, Emirates Islamic, has listed its debut five-year sustainability sukuk issuance on Nasdaq. The issuance raised USD 750 million as part of the USD 2.5 billion Certificate Issuance Programme. This brings the total value of sukuk listings by Emirates Islamic on the exchange to USD 2.02 billion through four listings.
It was shared that the issuance saw 44 per cent of orders coming from outside of the MENA region.
The order book exceeded USD 2.10 billion, an oversubscription of 2.8 times. This allowed the bank to tighten the expected profit rate to 5.431 per cent per annum, at a spread of 100 basis points over 5-year US Treasuries.
Further, Emirates Islamic noted that the sustainability sukuk was issued in line with Emirates NBD Group’s Sustainable Finance Framework and in compliance with Shariah rules and principles as determined by Emirates Islamic’s Internal Shariah Supervision Committee.
Hesham Abdulla Al Qassim, Chairman, Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD, commented: “The listing of our first Sustainability Sukuk on Nasdaq Dubai represents our dedication to be the pioneering Shariah-compliant bank for customers, people, and communities, as well as our continuing commitment to fostering sustainability. We are proud to partner with Nasdaq Dubai to bringing to market a wide range of financial products to our customers, helping to foster a future built on sustainable growth in accordance with Islamic values. Emirates Islamic is committed to reducing its environmental impact, in line with the UAE Net Zero by 2050.”
Hamed Ali, CEO of Nasdaq Dubai and DFM, added: “Nasdaq Dubai welcomes Emirates Islamic’s debut Sustainability Sukuk, marking another milestone in our strong partnership. Such innovative listings not only enhance our role as the leading global hub for Islamic finance but also reinforces our commitment to driving sustainable investments and fostering a robust and diverse financial ecosystem.”
The governments of the United Arab Emirates and the Republic of Azerbaijan recently wrapped up a two-day Ministerial Experience Exchange Forum in Baku, where representatives from the two explored strategic partnerships.
In Baku, set to host COP29 in November, leaders participated in a series of ministerial dialogues as part of a program of more than 20 sessions and meetings.
It was shared that the forum aimed to promote bilateral cooperation and communication between government leaders and follows the signing of a strategic partnership between the two countries in 2022 to promote the exchange of government expertise across seven pillars, including:
- Government excellence,
- Government services,
- Capacity building,
- Competitiveness and statistics,
- Policies and strategies,
- Government accelerators, and
- Government performance.
The forum covered key topics, including economic diversification & investment, ecology and green energy in relation to the pursuit of low-carbon economies, education, health, social well-being, public service and innovation, regulatory frameworks, and creating a business-friendly environment in both Azerbaijan and the UAE.
Discussions also touched on both the UAE’s hosting of COP28 and Azerbaijan’s preparations to host COP29 later this year.
In attendance as part of the UAE’s delegation was H.E. Ohood Khalfan Al Roumi, Minister of State for Government Development and the Future, who pointed to the world “entering a new era defined by new trends,” such as digitalisation, technological advancement, smart public services and government accelerators, and sustainability.
Elsewhere, H.E. Ulvi Mehdiyev, Chairman of the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan, noted: “Economic cooperation between Azerbaijan and the UAE has reached new horizons, especially in the field of green energy. Our partnership represents a forward-looking, proactive approach to development in various areas of common interest.”
The Environment Agency – Abu Dhabi (EAD) has announced that it has signed a pledge to join the Advisory Committee of the UAE Alliance for Climate Action (UACA), part of the global Alliances for Climate Action, led by the UN Climate Change High-Level Champions.
The UACA, launched by Emirates Nature-WWF and endorsed by the UAE Ministry of Climate Change and Environment, aims to ramp up momentum for near-and long-term net-zero targets.
EAD will work alongside other members to provide high-level strategic and technical guidance. The organisation will also assist UACA’s outreach by supporting synergies between non-state actor decarbonisation learnings and engaging policymakers on findings and recommendations, it was shared.
Further, EAD said that it will:
- Raise awareness around UACA and its benefits to the UAE,
- Identify strategic opportunities for UACA to contribute to national projects, and
- Assign a focal point to achieve the UAE’s Net Zero by 2050 strategic initiative by sharing information on upcoming policies and relevant information as necessary.
Dr. Shaikha Salem Al Dhaheri, the Agency’s Secretary-General, signed the pledge on behalf of EAD, in the presence of Razan Khalifa Al Mubarak, Chair of the UACA Advisory Committee, President of the International Union for Conservation of Nature (IUCN) and the UN Climate Change High-Level Champion for COP28, along with Laila Mostafa Abdullatif, Director-General of Emirates Nature-WWF.
Razan Al Mubarak commented: “EAD is the primary custodian of climate action in the Emirate of Abu Dhabi, and it is fitting that the Agency would be a key member of the UAE Alliance for Climate Action Advisory Committee due to its vast years of experience in addressing climate change.”
The Abu Dhabi Department of Economic Development (ADDED) has signed a Memorandum of Understanding (MoU) with Broaden Energy, whereby Broaden Energy will establish the first hydrogen equipment manufacturing complex in Abu Dhabi.
The new manufacturing complex will see over AED 1 billion in investments, with the two parties reportedly set to cooperate closely to align the project with the strategic goals of the UAE National Hydrogen Strategy and the Net Zero 2050 Strategy.
The former aims to make the UAE a top ten producer of green hydrogen by 2031, with an output target of 1.4 million tonnes per year.
Further, under the MoU, the two parties will facilitate the exchange of knowledge and research, with a focus on renewable energies and green hydrogen technologies, it was shared.
Eng. Arafat Al Yafei, Executive Director of the Industrial Development Bureau (IDB), ADDED’s arm to develop and regulate the industrial sector, commented: “We are proud to support Broaden Energy on pioneering this initiative, which marks an important step toward achieving our goals for Abu Dhabi’s industrial future. The hydrogen complex is central to ADDED’s efforts in supporting the UAE’s Net Zero 2050 targets through innovative solutions. Abu Dhabi’s thriving industrial sector places sustainability at the forefront of its activities and continues to attract investments in targeted industries.”
Adnan Sokolija, CEO of Broaden Energy, said: “Establishing the first hydrogen equipment manufacturing complex in Abu Dhabi is a testament to our commitment to advancing renewable energy and supporting the UAE’s strategic vision. We are excited to collaborate with ADDED to bring this groundbreaking project to life and contribute to a sustainable future.”
The Khalifa Fund for Enterprise Development and Masdar City have signed a Memorandum of Understanding (MoU) to enhance the growth opportunities available to Emirati SMEs in the entrepreneurial ecosystem.
It was shared that the collaboration will concentrate on enhancing the growth opportunities available to Emirati entrepreneurs and facilitating the exchange of ideas and experiences in the field of SMEs.
Emirati-owned companies established in Masdar City will gain access to Khalifa Fund’s tailored programs aimed at refining skills and expanding operational capabilities.
This includes the provision of specialised tools and the organisation of workshops designed to enhance their competitiveness.
According to the two parties, the registration of these companies into Khalifa Fund’s membership through the TAMM platform ensures that they receive continuous support.
Masdar City will exempt Khalifa Fund’s SMEs from the registration fee as well as waive their first-year license fee when registering their companies in the Masdar City Free Zone.
They will also gain access to Masdar’s reception services and meeting rooms along with access to various government services, office spaces, the ability to issue work and residence visas, mailboxes, medical insurance, and no-objection certificates through the Free Zone’s one-stop-shop portal.
Dubai Holding has announced the winner and runner-up for its global sustainability challenge, ‘Innovate for Tomorrow,’ which received 150 submissions worldwide.
The challenge aimed to advocate responsible consumption and production practices and unlock new solutions in areas such as economic circularity, efficient resource use, supply chain sustainability, waste minimisation, and consumer education.
Entrants hailed from across 31 countries, 68 per cent of which were UAE-based companies. Further, 30 per cent of the companies that applied had a female founder, and 81 per cent of the scale-ups that entered were operational.
Over one-third of the entrants targeted waste reduction, recycling and reusing, 24 per cent focused on solving supply chain sustainability issues, and 22 per cent looked at resource efficiency.
Meanwhile, 15 per cent of the entrants focused on supporting consumer education and raising awareness of key issues linked to sustainability.
The Pitch and Award Ceremony of ‘Innovate for Tomorrow’ was hosted at the Museum of the Future, where five finalists presented their scalable solutions to a judging panel of professionals in the presence of the Group’s senior management, industry experts, partners and key stakeholders.
Pitches were assessed for business viability, scalability, innovation and impact potential of the proposed solutions.
Frank Cato Lahti from Othalo, Norway, was selected as the winner with his ‘Upcycling Plastic into Homes’ solution.
He was awarded an exclusive, funded implementation of the award-winning solution through a pilot programme with Dubai Holding, which will be guided by the Group’s experts, it was shared.
Rana Hajirasouli from The Surpluss, UAE, was chosen as the runner-up for her ‘Transforming Excess into Equal Access’ solution.
The three other finalists were Manhat, UAE; Mi Terro, USA; and Midori, UAE.
The winner and runner-up were granted one-year access to TECOM Group’s in5 business incubator, the challenge’s execution partner.
In addition, all five finalists will gain access to Dubai Holding’s support network and attend a pitch day event featuring a group of potential investors.
Huda Buhumaid, Chief Impact Officer, Dubai Holding, said: “Innovate for Tomorrow champions innovation and sustainability, showcasing Dubai Holding’s commitment to harnessing entrepreneurial talent in support of the UAE’s net-zero ambitions. As a socially responsible business, sustainability and philanthropy are the cornerstone of our operations, and we are dedicated to fostering innovation and job creation by empowering SMEs and scale-up companies.”
“We look forward to reinforcing the winner with mentorship in the next phase of the challenge as they transform their visionary ideas into reality through a pilot programme with the Group, with the goal of driving substantial positive change in the UAE,” Buhumaid added.
Winner Frank Cato Lahti from Othalo, Norway, commented: “This challenge represents the most incredible opportunity to partner with Dubai Holding, allowing us a springboard into the MENA region and into the world. Dubai Holding has a power of execution that few others have, and this region has consistently pushed the boundaries and made the impossible possible. Thank you again to Dubai Holding and its execution partner TECOM Group’s in5 business incubator.”
Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority PJSC (DEWA), recently awarded the UAE Ministry of Cabinet Affairs (MOCA) with a Green Certificate, acknowledging its utilisation of Moro Hub’s Green Data Center for its IT Workloads.
HE Saeed Mohammed Al Tayer, MD and CEO of DEWA, presented the Green Certificate to HE Omar Sultan Al Olama, Minister Of State For Artificial Intelligence, Digital Economy And Remote Work Applications, Director General Of The Prime Minister’s Office.
HE Al Olama noted that integrating clean and renewable energy into government operations is a “critical element” in both accelerating growth, and achieving greater sustainability. Further, he spotlighted the importance of fostering partnerships between the public and private sectors in developing an advanced technological and digital landscape, supported by renewable and clean energy solutions.
HE Saeed Mohammed Al Tayer said that Moro’s Green Data Center works to promote the digital transformation of governmental and private institutions in the UAE, supporting their efforts to upgrade their infrastructure in alignment with the Fourth Industrial Revolution solutions and the UAE’s artificial intelligence strategies.
HE Al Tayer added: “The Green Certificate embodies the success of collaboration between organisations to promote sustainability and the adoption of green technologies and best practices. It encourages institutions to enhance their operational efficiency and contribute to building a more sustainable future.
“The certificate also underscores the Ministry of Cabinet Affairs’ confidence in our digital capabilities, aligning with our commitment to adopting environmentally friendly practices across all our operations. We are dedicated to making significant strides in reducing environmental impacts and addressing climate change to preserve our planet’s resources.”
The Emirates Global Aluminium (EGA) has announced the launch of its Green Finance Framework, which it said will support decarbonisation projects and initiatives.
Such frameworks define eligibility and governance mechanisms for financing from third-party institutions and funds that prioritise sustainability in their capital allocation, among other sources.
EGA shared that this will enable the company to access a more diverse range of funding options for loans and bonds, potentially lowering the cost of borrowing while ensuring increased transparency.
Citi and ING acted as the lead sustainability structuring banks, while First Abu Dhabi Bank (FAB) served as the sustainability structuring bank to support EGA in the framework’s development.
The company shared that its recent acquisition of European speciality foundry Leichtmetall was fully funded with EGA’s first green loan facility.
Leichtmetall uses renewable energy to produce up to 30,000 tonnes per year of aluminium billets at its plant in Germany. Secondary aluminium comprises some 80 per cent of the input material, it was shared.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The aluminium EGA produces plays an essential role in the development of a more sustainable society. It is also important how sustainably it is produced. This is both an enormous opportunity and a significant challenge for EGA and our wider industry.
“Our Green Finance Framework enables us to access a deeper pool of liquidity to finance projects and initiatives that advance our decarbonisation goals,” added EGA’s CEO.
The CFA Institute has released its 2024 Global Graduate Outlook Survey, which interviewed a sample of 9,916 respondents, including 500 nationals in the UAE, to assess trends in finance and related fields as a career choice. This included evaluating respondents’ thoughts about career prospects amid economic volatility and their perception of the social impact of financial industries.
The survey was fielded by Dynata with a sample made up of those studying for a bachelor’s degree or higher or those who have graduated with a bachelor’s degree or higher within the last three years, aged 18-25.
Respondents hailed from the UK, US, Canada, India, Australia, Singapore, Hong Kong SAR, UAE, Germany, Spain, France, Brazil, Mexico, and China.
It found that 78 per cent of graduates are confident in their future career prospects and 72 per cent rate their career prospect confidence as at least 7 out of 10.
More regionally, the survey revealed that 92 per cent of Emirati graduates feel confident about their future career prospects. A total of 93 per cent of Emirati graduates also reported feeling well-informed about what employers are looking for, compared to the global average of 81 per cent.
Globally, the finance industry was found to be the top industry where graduates are confident in their career prospects.
Indeed, finance was found to be the top career field graduates consider most stable and attractive. This was followed by STEM.
Humanities and arts ranked at the bottom for graduates, who reportedly continue to be concerned about low pay.
Graduates were also found to be concerned about a lack of jobs in their preferred sector and feeling unfulfilled or uninterested in their work.
Further, graduates were found to be looking to make a positive impact on social and environmental causes. Indeed, 91 per cent of graduates consider it important to make a positive social or environmental contribution through their careers.
Ninety-two per cent of graduates also said that they would be influenced by a company’s commitment to ESG factors when deciding whether to apply for a job or pursue a career with them.
Regionally, in the UAE, it was found that 93 per cent of respondents believe it is important to contribute positively to society and the environment through their work, and 57 per cent of Emirati graduates said that they are influenced by a company’s commitment to ESG when deciding on pursuing a career with them.
Read the full Graduate Outlook report here.