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Khaleej Times
20-05-2025
- Business
- Khaleej Times
The UAE's Islamic finance and halal strategy could boost the industry
The UAE cabinet's recent approval of the strategy for Islamic finance and halal industry is likely boost the industry, a top agency said. According to a report by Fitch Ratings, the UAE Islamic finance industry is long-established and it is expected to continue to expand in the short-to-medium term on the back of significant bottom-up and top-down demand and regulatory initiatives to further deepen Islamic finance ecosystem and infrastructure. 'Details of the new strategy are yet to be revealed, and it is to be seen what steps the government will take to achieve its targets and what challenges it might face. Fitch will continue to monitor these developments,' the agency said in a report. According to the Cabinet decision, the UAE will aim to more than double the country's Islamic banking assets to Dh2.56 trillion ($697.5 billion) from Dh986 billion ($268.4 billion), local sukuk issuances to Dh660 billion ($179.8 billion) and international sukuk listed in the UAE to Dh395 billion ($107.5 billion) by 2031, among other objectives. The cabinet approved the formation of a committee chaired by the central bank's (CBUAE) governor to implement the strategy. Islamic banks' yearly assets growth outpaced conventional banks, according to the CBUAE, with continuation expected over the medium term. 'However, these ambitious goals could face increasing competition from large conventional banks who benefit from strong government links. The evolving and additional sharia-compliance requirements could pose risks for the Islamic finance industry and sukuk issuance trends,' Fitch said. The UAE Islamic finance industry is estimated at over $285 billion at end of the first quarter of 2025. Fitch rated $28 billion of UAE sukuk at the end of the first quarter, 92.1 per cent of which were investment grade. About 39.2 per cent of sukuk issuers are in the 'A' category, followed by 34.5 per cent in the 'BBB' category, 18.5 per cent in the 'AA' category, with the rest in the 'BB' and 'B' categories; all issuers have stable outlooks. 'About 50 per cent of sukuk issuers are financial Institutions, but diversity is rising with the remaining 50 per cent split between corporates, infrastructure and project finance, international public finance and sovereign,' Fitch said. Fitch rates five investment-grade Islamic banks in the UAE (60 per cent in the 'A' category; 40 per cent in the 'BBB' category), along with one takaful company (Abu Dhabi National Takaful Company; A-/Stable) and one Shariah-compliant corporate (Emirates REIT BB-/Stable). No rated Islamic finance issuer or sukuk defaulted in 2024 and in end of the first quarter of 2025, data showed. The UAE is a pivotal player in the global sukuk market, with a 6.5 per cent share of the global sukuk outstanding as of the end of the first quarter, placing it fourth globally (all currencies). Also, the UAE is the fourth-largest US dollar debt issuers in emerging markets (excluding China), and the third-largest issuer of ESG bonds and sukuk in the end of the first quarter. 'We expect Nasdaq Dubai to remain among the top listing centres for dollar sukuk globally, with the venue listing more sukuk than conventional bonds and equities combined in 2024,' Fitch said in its report. The sukuk share of UAE debt capital market (DCM) outstanding reached about 18 per cent in the 25 (2024: 19.9 per cent), while sukuk were close to half of all dollar issuance (1Q24: 40 per cent). Sukuk issuance in all currencies in the 4M25 grew 28 per cent yoy to $6.5 billion, while conventional bonds were up 6.7 per cent. In April 2025, following the market volatilities exacerbated by the US administration's tariff rise, most UAE issuers accessed the dollar DCM mainly through sukuk rather than conventional bonds. There are not yet any Islamic alternatives to the dirham M-Bills, but the CBUAE has started to develop a sustainable Islamic M-Bills programme. The UAE's Islamic banks also have a significant role in the country's financial landscape, with over 17 per cent of total banking system assets at the end of January 2025. 'The Higher Shariah Authority of the CBUAE aims to harmonise and standardise the practices of Islamic financial institutions, and regularly issues regulations and guidelines,' Fitch said.
Al Etihad
12-05-2025
- Business
- Al Etihad
UAE's new Islamic finance strategy to spur growth, strengthen banking infrastructure –Fitch
13 May 2025 01:02 KHALED AL KHAWALDEH (ABU DHABI)The UAE's Islamic finance and halal economy is poised for significant growth following the recent approval of a national strategy aimed at positioning the country as a global leader in Islamic financial services and halal to a new analysis by Fitch Ratings, the UAE's ambitious targets, if achieved, could more than double the value of Islamic banking assets and sukuk issuance over the next six years, solidifying the nation's leadership in these key strategy, approved by the UAE Cabinet on May 6, sets out a vision to expand the Islamic financial ecosystem and boost the export of halal products. Among its headline objectives is increasing Islamic banking assets from Dh986 billion to Dh2.56 trillion by 2031. It also aims to grow local sukuk issuances to Dh660 billion and international sukuk listings in the UAE to Dh395 billion.'The UAE's Islamic finance industry is long established, and it is expected to continue to expand in the short-to-medium term on the back of significant bottom-up and top-down demand and regulatory initiatives to further deepen the Islamic finance ecosystem and infrastructure,' the Fitch report said.'Details of the new strategy are yet to be revealed, and it is yet to be seen what steps the government will take to achieve its targets and what challenges it might face.'According to Fitch, the UAE's Islamic finance sector is already valued at over $285 billion as of the first quarter of 2025. Islamic banks in the country account for more than 17% of total banking system assets, with their annual growth rate outpacing that of conventional banks, according to CBUAE data. The nation also holds a 6.5% share of global sukuk issuance, ranking fourth cautioned, however, that the UAE could face increasing competition from large conventional banks and global sukuk markets. The report said that while the UAE's targets are ambitious and achievable, execution risks remained, including those linked with evolving Sharia compliance requirements and market competition from conventional banks with strong government report also highlighted the UAE's growing dominance in the sukuk market, noting that 92.1% of Fitch-rated UAE sukuk are investment grade, with nearly 40% in the 'A' category. It also noted the increasing diversification of the market with financial institutions accounting for half of all issuers, and the rest spread across corporates, infrastructure projects, and sovereign said sukuk issuance in the UAE reached $6.5 billion in the first four months of 2025, representing a 28% year-on-year increase, compared to a 6.7% rise in conventional Halal IndustryAlongside the financial sector push, the UAE strategy emphasises strengthening its halal production and export capabilities. This includes boosting domestic halal manufacturing to tap into the global Islamic consumer market, which is projected to exceed $3 trillion in the coming years. The UAE aims to build on its reputation as a regional hub for halal products, leveraging its advanced logistics infrastructure and regulatory frameworks to enhance the competitiveness of Emirati-made halal goods on the global stage.
Khaleej Times
03-04-2025
- Entertainment
- Khaleej Times
UAE Weekend Guide: Top events from April 4-6 including Dubai World Cup
The weekend is here, so is our guide to the top things happening around the UAE. Here's the list: Watch the Dubai World Cup The Dubai World Cup on April 5 promises an unforgettable day of world-class horseracing with $30.5 million in prizemoney across nine races, set against an iconic backdrop of sports, fashion, fine dining, and entertainment. Spectators can witness record-breaking closing ceremonies and the stylish Style Stakes finale, while a wide range of hospitality options—from the ultra-premium Royal Enclosure and Private Suites to dining at Silks Restaurant, Winner's Circle, and First Class Lounge, as well as vibrant experiences at The Terrace, Trackside, The Gallery, and more—ensure there's something for every taste and style, making it one of the UAE's most unmissable annual events. Brunch with a 100kg live tuna carving Ronin's legendary Saturday Brunch is getting a thrilling upgrade as Executive Chef SK Choi presents a breathtaking 100kg live tuna carving on April 5, at FIVE LUXE. Guests can witness the artistry of Japanese precision while indulging in a brunch that showcases four signature cooking techniques—teppanyaki, hand-rolled sushi, kushiyaki skewers, and Robatayaki grill. With packages starting at Dh395, diners can enjoy this immersive culinary experience against the stunning backdrop of Ain Dubai and the Arabian Sea or within Ronin's edgy, Irezumi-inspired interiors. Groove to French Montana's hits International hip-hop sensation French Montana, famed for his diamond-certified hit Unforgettable, is set to headline Hustle and Harmony at Bohemia Beach Club on Friday, 4 April from 7pm. With early bird tickets at Dh150 (before 8pm), Dh250 regular tickets that include a single beverage, and table bookings starting at Dh2,500, the night promises high-energy performances blending French Montana's signature rap and pop flair with DJ sets by TJ, Jax, Devon Kosoko, Skinny Loop, and Taya Kruzz. Coffee for a cause Allo Beirut has partnered with Dubai Autism Center to launch "Coffee for a Cause," a long-term initiative that supports autism programs through a percentage of proceeds from every coffee sold at its Dubai outlets. Launched on April 2 in honour of World Autism Awareness Day, this campaign transforms a daily coffee ritual into an act of kindness, marking the beginning of a sustained partnership aimed at making a meaningful impact on the lives of individuals on the autism spectrum. Intimate supper club Chef Robin Höfer, fresh from a celebrated stint at the Michelin-starred Ossiano and nominated as Gault&Millau UAE's Future Great of the Year 2025, has launched Robz' Chef's Table—an exclusive, intimate private dining experience limited to eight seats. Priced at Dh750 per person for a non-alcoholic pairing (or Dh850 with grape), the supper club is a culinary narrative that weaves together Höfer's journey through Europe's top kitchens and his passion for Asian flavours, featuring 13 creative courses such as the Golden Egg and his elevated take on Käse Spätzle. The event, which includes homemade fermented beverages and sentimental cutlery passed down from his grandmother, offers guests a personal glimpse into his culinary evolution, with sessions held three times a week and reservations available via Instagram direct message to @chefrobinhoefer or @pearll_y. Next date is April 4. Ibiza-inspired weekend brunch experience Be Beach's SAIANA Brunch offers an Ibiza-inspired, boho-chic Sunday experience with gourmet dining, live cooking stations, and high-energy entertainment. Running from 2pm to 6pm with a stunning Marina skyline view, the menu features favourites like Rock Shrimp Tempura, Prawn Kataifi, and Slow-Cooked Short Rib, available in soft, house, and premium beverage packages. The experience seamlessly transitions into an after-party from 6pm until late every Sunday, except on April 13.
Al Etihad
23-03-2025
- Business
- Al Etihad
ENOC Group achieves Dh395 million in energy efficiency savings over decade
23 Mar 2025 21:37 DUBAI (WAM) ENOC Group recorded remarkable success in energy reduction through comprehensive Energy & Resource Management (E&RM) activities across its resilience through sustainable economic growth, the Group saved Dh395 million in total energy from 2014 to 2024, mitigating 703,840 metric tonnes of greenhouse gas part of its long-term commitment to environmental responsibility, ENOC joined millions around the world in observing Earth Hour 2025, switching off non-essential lights at its headquarters, operational facilities, and service stations on March 22 from 8:30 pm to 9:30 CEO of ENOC, Saif Humaid Al Falasi, said, 'Earth Hour is a powerful reminder of the urgency for collective action to ensure tangible results in combating environmental challenges. ENOC Group remains steadfast in its commitment to promoting sustainable development initiatives and raising awareness about optimising energy consumption in the UAE and beyond.'In 2024, ENOC business units achieved substantial savings through targeted energy efficiency initiatives. ENOC Processing Company (EPCL) spearheaded these efforts, saving Dh2,314,669 through various energy and resource management initiatives. The Retail unit made a significant contribution with the implementation of key projects such as the integration of Solar PV LED Lights in the Retail Operations Management & AutoPro sites, resulting in a combined saving of Dh3,115,294. ENOC's Corporate Real Estate (CRE), and Emirates Gas further contributed to the Group's success, respectively achieving savings of Dh539,448 and Dh139, commitment to sustainability is evident in its portfolio of successful initiatives spanning water conservation, renewable energy, and energy efficiency.|These include Solar PV implementation across facilities, LED lighting installation throughout operations, and advanced water management prioritises high-quality green procurement standards that help significantly reduce energy demand and minimise emissions across the supply chain. These achievements align with ENOC's broader sustainability strategy and demonstrate the Group's proactive resource management and environmental protection approach.
