Latest news with #DubaiIslamicBank
Gulf Today
3 days ago
- Business
- Gulf Today
RAK charity and DIB to settle rent arrears worth Dhs520,000 for 97 families
With support from Dubai Islamic Bank (DIB), the Ras Al Khaimah Charity Association launched a humanitarian initiative to support families struggling to pay rent arrears due on their rented homes to real estate agents and landlords. The initiative aims to enhance the financial and social stability of insolvent families and alleviate the burden they face in meeting their financial obligations. According to Abdul Aziz Al Zaabi, Chairman of the Board of Directors of the Ras Al Khaimah Charity Association, the initiative targets 97 low-income families at a total cost of Dhs520,000. The association will begin implementing the initiative in the coming days to avoid potential legal action related to rent arrears, which could negatively impact the lives of individuals and families, he said. Al Zaabi explained that the housing support initiative falls within the framework of the association's commitment to assisting needy families and alleviating their financial burdens, thus consolidating family stability for their members. The initiative represents an important qualitative step towards promoting the values of solidarity within the Emirati society in line with the association's vision, mission and objectives, which aim to deepen the concept of charitable work among members of society, he said. The association is continuing to exert efforts to expand the scope of humanitarian initiatives aimed at assisting more needy families in the community, he added. The initiative coincides with the approaching Eid Al Adha to bring joy to the hearts of those with limited income. Meanwhile, Al Zaabi expressed his thanks and appreciation to Dubai Islamic Bank for its continued support of the association's humanitarian projects and initiatives.
The National
3 days ago
- Business
- The National
Turkey seeks more UAE investments in AI amid strengthening of ties
Turkey is seeking more UAE investment in artificial intelligence amid a strengthening of ties between the two countries. 'The UAE is positioning [itself] as a hub for AI investments and we see a similar potential for Turkey. There are tangible outcomes already and there will be more,' Burak Daglioglu, president of the Investment Office of the Presidency of Turkey, told reporters in Istanbul on Wednesday. Turkey has a 'nice pipeline of infrastructure projects', including data centres, connectivity and renewable energy capacity to attract investments in the AI field, he added. UAE and Turkey trade and investment ties have surged after the two countries signed the Comprehensive Economic Partnership Agreement, also known as Cepa, in 2023. There have been several investment agreements spanning different sectors including technology, finance, manufacturing and infrastructure development. This week, Dubai Islamic Bank signed a $150 million sharia-compliant financing agreement with Turkcell, Turkey's telecoms and technology services provider, to support the company's continuing investments in digital infrastructure. The five-year deal will enable Turkcell to advance critical infrastructure in areas such as data centres, cloud technologies and renewable energy, DIB said on Wednesday. Last month, G42's Khazna also announced plans to build an AI-capable data centre in Turkey, with a potential capacity of up to 100 megawatts, after securing a site in Ankara. The Abu Dhabi-based company intends to continue investing in Turkey and expand its data centre network, following the completion of the new site, it said last month. Turkey is also looking to attract UAE investments in sectors such as HealthTech, renewable energy and manufacturing, Mr Daglioglu said. In 2022, Turkish President Recep Tayyip Erdogan made his first official visit to the UAE in almost a decade to strengthen ties with the Emirates. President Sheikh Mohamed visited Turkey at the end of 2021. The UAE's non-oil trade with Turkey grew by 11.5 per cent on an annual basis to Dh148.9 billion ($40.54 billion) last year, official data shows. 'The most important development in the recent years was the free trade agreement between the two countries because it paved the way for a larger trade volume,' Mr Daglioglu said. 'After trade, the opportunity for investment is also higher. In the following years, the investment pipeline from UAE to Turkey will be growing.' It's not just the UAE companies that are investing in Turkey, after the free trade agreement, 'Turkish companies have started investing in UAE as well', he added. Last year, the total UAE investments to Turkey was $307 million, while Turkey's investments in the UAE totalled $576 million, according to data provided by the Turkey Investment Office. Since 2002, the UAE has made $5.9 billion worth of investments into Turkey, while Turkey's investments into the UAE during the same period totalled $2.4 billion, the data shows. There were 604 Emirati companies operating in Turkey by the middle of last year. Turkey, whose economy is expected to grow by 2.7 per cent this year, is also focusing on boosting start-up ecosystem, Mr Daglioglu said. They brought in new legislations, supported start-ups with funding and encouraged more sovereign wealth funds to invest. 'We have successful start-ups, not focusing on exits … the previous trend was make an exit to a larger local player. Now, Turkish companies are becoming regional players,' Mr Daglioglu said. In 2022, Abu Dhabi's holding company ADQ and Turkey Wealth Fund formed a new $300 million technology fund to invest in start-ups in Turkey. Energy and utilities, health care and life sciences, food and agriculture, mobility and logistics, financial services, and education were the sectors that the fund targeted to invest.
Zawya
4 days ago
- Business
- Zawya
IPTs out for Sharjah Islamic Bank's USD perpetual non-call 6-year AT1 sukuk
Sharjah Islamic Bank (SIB), rated A- by S&P (negative outlook) and BBB+ by Fitch (stable outlook), has revealed IPTs in the 6.500% area for its USD benchmark perpetual non-call 6-year AT1 sukuk offering. The final pricing will be announced today. Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq and Standard Chartered Bank have been appointed as Joint Lead Managers and Joint Bookrunners for the Reg S fixed rate resettable unrated offering. As Sharjah's largest bank by total assets, the Mudaraba offering will be a part of SIB's $500 million Additional Tier 1 Capital Certificates programme. The issue date for the offering is June 4, 2025. The sukuk will trade on Euronext Dublin and Nasdaq Dubai. The ADX-listed SIB said the net proceeds of the issue will be used to enhance its tier 1 capital as well as for general corporate purposes. (Writing by Bindu Rai, editing by Daniel Luiz)
Zawya
5 days ago
- Business
- Zawya
Dubai Islamic Bank loans $150mln to Turkcell to build Turkey's key digital infrastructure
Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has signed a $150 million Sharia-compliant financing agreement with the Istanbul-headquartered telco Turkcell to drive critical infrastructure development in Turkey. The five-year Murabaha facility will support Turkcell's investments in data centers, cloud technologies, and renewable energy, the Dubai-listed lender said. Turkcell CEO Ali Taha Koç said the transaction will accelerate the company's infrastructure investments and support long-term growth, opening doors to new Gulf-based investors. (Editing by Bindu Rai,
Yahoo
6 days ago
- Business
- Yahoo
Turkcell Secures USD 150 Million Murabaha Financing From Dubai Islamic Bank PJSC to Accelerate Growth and Innovation
ISTANBUL, May 26, 2025--(BUSINESS WIRE)--Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye's leading technology and communications company, has secured USD 150 million in Murabaha financing from Dubai Islamic Bank PJSC, a prominent bank in the Gulf region. At the signing ceremony, Turkcell Chief Executive Officer Dr. Ali Taha Koç stated: "Our goal and priority is to bring the most innovative technologies to our country and to provide the highest quality service to our customers. This transaction, which is based on interest-free Murabaha principles, will accelerate our infrastructure investments and serve as a significant resource to support our long-term growth objectives. It also demonstrates the strong investor appetite for Turkcell in the Gulf region." Turkcell has signed a landmark strategic financing agreement to bolster its infrastructure investments and support its long-term strategic growth objectives. This milestone deal broadens Turkcell's investor base and enhances its debt portfolio through a diversified range of financing instruments. By leveraging both conventional and Islamic financing, as well as international and local bond issuances, development bank loans, export credit agency facilities, and sustainability-linked financing, Turkcell strengthens its financial foundation. This diversified approach is essential for Turkcell's proactive balance sheet management, ensuring optimal resource utilization, enhancing financial resilience, and supporting long-term growth strategies. As part of the agreement reached with Dubai Islamic Bank PJSC, one of the Gulf region's leading financial institutions, Turkcell secured USD 150 million in Murabaha financing, in line with its commitment to diversifying funding sources. Turkcell CEO Dr. Ali Taha Koç, Turkcell CFO Kamil Kalyon, Dubai Islamic Bank's Group CEO Dr. Adnan Chilwan, and the Bank's Chief of Investment Banking Ali Ahmad attended the signing ceremony in Istanbul. "It will pave the way for new collaborations for Turkcell"In his speech at the signing ceremony, Turkcell Chief Executive Officer Dr. Ali Taha Koç said: "Turkcell is in an investment phase, focusing on strategic areas such as data centers, cloud technologies, and renewable energy while continuing to strengthen its core telecommunication services, including mobile and fixed broadband. This strategic five-year bullet structure financing opens doors to new Gulf-based investors and reinforces our commitment to sustainable and diversified growth. The Murabaha structure, based on interest-free financing principles, not only highlights Turkcell's global credibility but also serves as a gateway to future strategic partnerships across the Gulf region. As Turkcell accelerates its investments in next-generation technologies, this agreement is a key pillar of its ongoing mission to deliver value for stakeholders and shape Turkcell's digital future." Dubai Islamic Bank's Group Chief Executive Officer Dr. Adnan Chilwan commented at the signing ceremony: "We are delighted to have closed another deal from a GCC bank today via a USD 150 million Murabaha financing facility. Türkiye is a key pillar of DIB's cross border strategy, as a part of which DIB is delighted to have supported Türkiye's leading technology and communications company in its growth plans. I am confident we will continue to build a strong partnership with more landmark transactions for Turkcell." ABOUT TURKCELL: Turkcell is a technology and telecommunications company headquartered in Türkiye, offering a unique portfolio of voice, data, and IPTV services over its mobile and fixed networks along with digital consumer, enterprise, and techfin services. Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at View source version on Contacts +905322106020
