Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Landmark day for Dubai as bourse hits 5100 mark  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Bourse hits 5100 mark; dhcog to prepay 555m; govt raises 750m from sukuk

it was a landmark day for dubai on wednesday as the emirate made significant progress on the economic front.

the dubai government successfully raised 750 million through the world’s first 15-year sukuk dubai stocks breached another psychological barrier of 5100 mark and dubai holding commercial operations group (dhcog) confirmed to prepay 555 million facility ahead of maturity.

the dfm general index rose 2.31 per cent. — kt photo by shihab

dhcog on may 13 2014 will voluntarily prepay the entire outstanding principal of 319.3 million along with accrued interest of the amortising 555 million facility originally maturing on december 31 2015 it was announced in a statement on wednesday.

the prepayment of this secured facility will be made from dhcog’s available funds it added.

the dubai government tapped capital markets for the first time in more than a year with the sukuk sale that attracted 2.3 billion of investor demand for the 750 million issue on tuesday pricing it at five per cent the tight end of initial guidance.

the government hopes its first 15-year sukuk issue will pave the way for long-term debt sales by its state companies the department of finance said on wednesday.

the well-planned and swift intra-day execution took advantae of the positive market environment to build a high-quality order book for a 15 year sukuk.

the issuance was extremely well received globally and generated a large order book with over 79 investors placing orders of over 2 billion. orders were received from a wide range of high quality fixed income investors including fund managers insurance companies and banks from a wide geographic spread across asia europe the middle east and offshore us.

the sukuk issuance saw a geographic distribution of 61 per cent to middle east accounts 17 per cent to uk accounts 11 per cent to other european investors nine per cent to asia and an additional two per cent to other geographies.

in terms of distribution among types of investors the 15-year sukuk saw a diverse allocation with 63 per cent to banks 27 per cent to fund managers and an additional 10 per cent going to other types of investors.

positive news of the day coupled with strong first quarter results lifted the dubai financial market (dfm) general index nearly 116 points or 2.31 per cent that helped the benchmark index to breach another psychological barrier of 5100 mark for the second consecutive day.

in the previous session dfm main index crossed 5000 mark for the first time since august 2008. year-to-date growth of the index jumped more than 52 per cent to 5134.95 points on wednesday.

— abdulbasit?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Jun 28 2016 - US dollar stable against Kuwaiti dinar at KD 0.301, euro rises to KD 0.334Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 28 (KUNA) -- The US dollar on Tuesday stabilized against the Kuwaiti dinar at KD 0.301, as the euro rose to KD 0.334, compared to Monday''s trades, ...

 Jun 28 2016 - Kuwait- His Highness Premier Sheikh Jaber Al-Mubarak hosts outgoing Armenian ambassadorKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 28 (KUNA) -- His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah received on Tuesday the outgoing Armenian Ambassador to the ...

 Jun 28 2016 - 8 wounded in Turkey car blastKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) ISTANBUL, June 28 (KUNA) -- A booby-trapped car blew up in Diyarbakr in southeastern Turkey on Tuesday wounding at least eight persons, the Ekhlas news agency ...

 Jun 28 2016 - Juncker calls on Cameron to clarify situationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, June 28 (KUNA) -- President of the European Commission Jean-Claude Juncker said here Tuesday that he will ask British Prime Minister David Cameron ...

 Jun 28 2016 - French shares rebound strongly after early steep lossesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, June 28 (KUNA) -- Share prices on the Paris Stock Exchange rebounded strongly by almost 3.0 percent in morning trading Tuesday, following a lost of nearly ...

 Jun 28 2016 - Kuwait Foreign Ministry condemns bombings in LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 28 (KUNA) -- The Foreign Ministry on Tuesday expressed strong condemnation of the terrorist blasts that occurred close to the Lebanese custom ...

 Jun 28 2016 - Kuwait's Al-Najat Charity offers Eid aid to Syrian refugees in JordanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, June 28 (KUNA) -- Kuwait-based Al-Najat Charity on Tuesday started offering relief aid to Syrian refugees in Jordan for the Muslim holy fasting month of ...

 Jun 28 2016 - Jerusalem holy site closed to non-Muslims after violenceThe Peninsula
(MENAFN - The Peninsula) Israeli security forces stand guard at the entrance of theAl-Aqsamosque compound in Jerusalem''s Old City, on June 27, 2016, following a second day of clashes between Israeli ...

 Jun 28 2016 - Suicide bomber kills nine at Iraq Sunni mosque: officialsThe Peninsula
(MENAFN - The Peninsula) Baghdad:A suicide bomber detonated explosives at a Sunni mosque near Baghdad where worshippers were gathered for prayers, killing at least nine people, officials said ...

 Jun 28 2016 - Assad's uncle charged in Paris with corruption: anti-graft groupThe Peninsula
(MENAFN - The Peninsula) Paris:Paris prosecutors have charged the uncle of Syrian President Bashar al-Assad with corruption, an anti-graft group said Tuesday. Rifaat al-Assad, 78, who was ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help