Latest news with #FaisalAli
Tahawul Tech
21-05-2025
- Business
- Tahawul Tech
smart homes Archives
Since the firm's establishment in 2002, Deyaar has emerged as one of the leading residential and commercial developers in the UAE's competitive real estate market. By combining innovative strategies with the latest emerging technologies, newly appointed senior IT manager Faisal Ali is striving to provide unrivalled customer service.
Zawya
18-04-2025
- Business
- Zawya
Mashreqbank ticks the boxes: IFR
Mashreqbank accelerated its US$500m no-grow five-year sukuk, printing the deal on Tuesday a day ahead of when it was originally pencilled in. It was the first issuance from the CEEMEA region since US president Donald Trump's tariffs announcement on April 2. Mashreqbank (A3/A/A) was a good candidate to reopen the market given its strong ratings and its standing in the UAE financial sector. "We have a positive view on the credit profile of Mashreqbank, which is continuing to report very strong results," said Faisal Ali, senior portfolio manager at Azimut. The mandate was announced on Monday, with the deal expected to launch on Wednesday following a series of calls and meetings in London. But with credit markets in good shape on Tuesday and strong interest in the transaction, the leads decided there was no point in hanging around. Books opened at the 140bp area over Treasuries, with leads then going straight to a final spread of 105bp as books peaked at US$2.8bn. Even with the big tightening, books stayed largely intact, finishing at US$2.65bn. A lead banker said the deal priced in line with fair value, with some international participation in the books as well as regional. "What this says is that GCC liquidity is healthy and investors in the region are willing to buy in the primary at minimal or without any new issue premium," said the banker. Despite the lack of premium, investors said the deal did offer some relative value. "We think the bond was attractively priced compared to five-year senior sukuk issued by other GCC banks," said Ali. "We also think the deal was well supported given this was a debut sukuk issue by Mashreqbank." The Middle East, like certain markets in Asia, such as China, benefits from a natural bid from local accounts – the sukuk sector in particular. Indeed, by opting for the sukuk market, Mashreq played it safe. Throughout the uncertainty of the past two weeks, the asset class has outperformed. "No GCC account passed on this from a liquidity point of view. There's been a continued bid. That's why sukuk have outperformed broader EM," said the banker. Mashreqbank last issued in June, when it priced a US$500m perpetual non-call 5.5-year AT1. Before that, it issued twice in 2022, again in capital format, selling AT1 and Tier 2 debt. It last issued in senior format in 2019, selling a February 2024 conventional bond, which it also tapped. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Mashreq, Sharjah Islamic Bank, Standard Chartered and The Islamic Corporation for the Development of the Private Sector were the lead managers and bookrunners. The question now is who will follow Mashreq in the primary market, and in particular whether other UAE financial institutions will do so. The outlook for the sector is generally good. "We remain constructive on the UAE banking sector although we think the UAE economy will face a negative, but manageable, impact from the fallout from the ongoing trade war," said Ali. "In the longer term, the UAE will benefit from manufacturing relocating from countries subjected to a much higher tariff."
Express Tribune
09-04-2025
- Business
- Express Tribune
Chicken cost skyrockets even after Eid
The rates of chicken have skyrocketed in the open markets of Rawalpindi city even after passing of Eidul Fitr, sending a wave of resentment among buyers. Chicken meat is being sold at Rs950 per kilogramme in the city and Rs1,000 per kg in the surrounding areas. Live chickens is priced at Rs650 per kg in the city and Rs670 in the suburbs. There is no one to question the vendors about these prices. The government's claims about reducing inflation have fallen flat, and the rising prices of chicken in the twin cities of Islamabad and Rawalpindi show no signs of decreasing. A boycott campaign against buying chicken has proven ineffective, failing to achieve any success. The local Poultry Association states that the high demand for chicken in the market isn't being met with sufficient supply. Since the night before Eid, chicken demand has tripled across hotels, motels, barbecue shops, dhaba, and food streets, but the supply has not increased to meet this demand. According to Khurshid Abbasi, the vice president of the Poultry Association, the prices of chicken will not decrease until the supply increases. The cost of chicken feed, medicines, and other essentials has risen by up to 300%, he adds. Citizens Faisal Ali and Bahzad Ali complain that chicken prices have remained out of control since the night before Eid. The market committee sets the official price of chicken at Rs412 per kg but remains silent, while price control magistrates seem completely powerless in controlling the prices. The Chairman of the Price Control Committee, who has set the official price of Rs412 per kg, must ensure that chicken is sold at this price, or else resign, says another citizen Noor Zaman. He adds the entire government structure is based on lies. If the Prime Minister claims inflation is at just 1.5%, the Price Control and Market Committees continue to claim that chicken prices are under control. The price of watermelon is Rs20 per kg in cities, and Rs5 to Rs10 per kg in rural areas. Bur during the Eid holidays, watermelon was sold for Rs120 per kg. Sugar, with a government-set price of Rs164 per kg, is being sold in the market for Rs180 per kg. Due to the massive discrepancy between official and market prices, the Rawalpindi Deputy Commissioner (DC) has stopped setting official prices for ghee, sugar, and flour altogether.
Zawya
21-02-2025
- Business
- Zawya
Damac takes advantage of Dubai property rally: IFR
Emirati property company Damac Real Estate Development sold its first benchmark issuance in 18 months on Wednesday, with the US$750m 3.5-year sukuk coming well inside fair value. Investors were keen to get exposure to Dubai's soaring property market, where transaction records were set in 2024. According to the company, property prices in Dubai are forecast to rise by 5%–8% annually in 2025, with luxury hotspots like Palm Jumeirah and Downtown Dubai seeing even higher spikes. While investors in Dubai real estate have been burned before, the market is becoming a hotspot for the rich and famous and Damac's business is at the high end. The other factor in the issuer's favour was the yield on offer. Damac (Ba2 positive/BB stable) began marketing the August 2028 notes at 7.5% area. While high-yield issuance from the Gulf region has begun to creep up, it's still a relatively niche market. And given how much liquidity there is in the sukuk market and the number of sukuk transactions that offer little relative value, Damac gave investors the opportunity to diversify and lock in an attractive profit rate. Peak books of more than US$2.3bn enabled the leads to revise pricing to 7% for an expected US$600m trade. But with only a small number of orders falling away – to a final book of over US$2.1bn – the size was increased by US$150m. It was Damac's largest ever issuance. "We like the pricing on Damac, especially given that company has strong metrics for the rating. It is well known even among global EM investors, and as a result Damac issues get decent demand especially at a time when the fundamentals of the Dubai property sector are so strong," said Faisal Ali, senior portfolio manager at Azimut. "Moreover, we are likely to see limited high-yield issuance out of UAE this year, which should support the new Damac bonds once the new issuance market quietens down, likely after Ramadan begins." Ramadan is due to begin on February 28. Leads said the deal priced 12.5bp inside fair value. The best reference point was Damac's US$600m 8.375% April 2027 sukuk, which were at a bid yield of 6.80%, according to LSEG data. Those sukuk were tapped twice last year. Other comparables used included sukuk from Arada Developments and Dar Al Arkan. They were all in the high 6s to low 7s range. The leads also said there was strong international investor participation, including key high-quality accounts from Europe and Asia after a well-attended roadshow. Emirates NBD Capital, HSBC and JP Morgan were the global coordinators. They were also bookrunners alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Goldman Sachs, Mashreq and Warba Bank.
