Dubai: Emirates Development Bank, one of the key players in the UAE’s industrial strategy, has listed its $ 750 million bond on Nasdaq Dubai. The five-year debt issue was priced at a yield of 1.63 percent and was oversubscribed four times, with 34 percent investors from the region itself, 36 percent from Europe, 28 percent from Asia and 2 percent from the US. foreign market. The listing strengthens Dubai’s position as the largest listing destination in the Middle East for debt listings in dollars, with a total value of $ 96.87 billion. The bank’s $ 750 million debut, released in 2019, also received an overwhelming response from investors.
“This bond issue enhances our financing capacity and our progress in implementing the bank’s new strategy, which aims to support the country’s economic diversification plans, which empower individuals, in addition to playing a key role in the adoption of advanced technologies to contribute to a knowledge-based economy, “he said. Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB. Ahmed Mohamed Al Naqbi, CEO of EDB, said: ‘The $ 750 million bond issue is an endorsement of EDB’s long-term outlook and reflects our strong credit profile and new strategic roadmap. This transaction helps us mobilize capital to accelerate our long-term goals to support the UAE’s economic diversification plans. ”