The Islamic bonds of Majid Al Futtaim (MAF) Holding LLC, a Dubai-based family-run operator of malls and hotels, rose to the highest since their debut, buoyed by a rebound in Dubai’s tourism and real estate markets.
The yield on the 5.85 per cent sukuk due February 2017 fell 174 basis points since they were sold on January 31 to 4.1 per cent today. Average yields on sukuk from the six-nation Gulf Cooperation Council (GCC) dropped 106 basis points in the period to 3.23 per cent on Friday, the HSBC/Nasdaq Dubai GCC US Dollar Sukuk Index shows. MAF is rated the second-lowest investment grade at Standard & Poor’s, while Dubai’s debt isn’t ranked.
“Simply put, Majid Al Futtaim stands to benefit from a recovery in Dubai’s trade, tourism and services sectors, as well as renewed faith in the emirate’s real estate outlook,” Malek Khodr Temsah, vice president of treasury and investment at Al Baraka Banking Group BSC in Manama, Bahrain, said yesterday. “The entire Dubai credit universe continues to rally.”
Of-course. What i like the most is Dubai tourism offers a long string of sports and entertainment to select from. Bird watching, sand skiing, excursions, safaris, wonderland, Wild Wadi, Dhow Cruise and Dubai Summer Surprises are only a few pearls in this string.
ReplyDeleteYacht Rental Dubai