Category: Inventions, Innovations (wef. Feb 01sy, 2022

SAUDI ARABIA: Neom graduate Rafif Kalantan Wins Yugo BAFTA Award 2023. Creates History – becomes First Female Director & First Non-European to Win in Gamers Category.

Kalantan has become the first female director, the first non-European to win a BAFTA award in the Gamers category.

Rafif Kalantan has become the first student from Saudi Arabia to win a 2023 Yugo BAFTA Award, picking up the accolade in the Games Category for her submission ‘Eros Xavier’s Love Solutions’.

The Yugo BAFTA Student Awards is an annual event celebrating the works of the next generation of highly skilled and creative storytellers from around the world.

Kalantan, the first female director and the first non-European to win a BAFTA award in this category, was one of the students supported by Neom to attend the National Film and Television School (NFTS), one of the top-ranking schools to join its Master’s programme in Games Design and Development.

Kalantan’s entry ‘Eros Xavier’s Love Solutions’ is the culmination of an intensive two-year Master’s programme of training that provides students with the skills and creative knowledge to design, devise and build games, from inception to delivery.

‘Eros Xavier’s Love Solutions’ is a narrative-driven puzzle-like game. The game follows Eros Xavier, a retired cupid who is cynical about love and has decided to open a private business for hire as a match-breaker.

This year’s Yugo BAFTA Student Awards welcomed 754 submissions from 103 schools across 30 countries, including, Argentina, Belgium, the Czech Republic, Denmark, Hong Kong, India, Mexico, South Africa, and the United Arab Emirates.

Speaking about the award, Rafif Kalantan said: “I am honoured to have been selected as the winner of such a globally renowned award, especially being the first female director and first non-European to win this category. This wonderful achievement also showcases the capabilities of the developers from the Kingdom and the Middle East as a whole, and how the game industry in the region has a lot of potential. I am also grateful for the continued support and investment of Neom, which was an integral part of this achievement. Their continued support for us in the gaming field shows how much Neom believes in growing local talents and allowing them to thrive!”

Jon Wardle, Director of the National Film and Television School, commented: “The School is incredibly proud to be celebrating this achievement with Rafif as we celebrate the 10th anniversary of our Games Design MA. We’re also very grateful to Neom for continuing to help make our courses accessible with life-changing funding opportunities.”

Wayne Borg, Managing Director of Media Industries, Entertainment, and Culture at Neom, added: “On behalf of the entire Neom team, we extend our congratulations to Rafif for the well-deserved honour of receiving this prestigious award from BAFTA. This remarkable accomplishment is a testament to her exceptional talents and marks a momentous beginning for Rafif’s journey, and I’m sure she will achieve great things in the gaming world. We will continue to work closely with the National Film and Television School to nurture and empower more talented individuals as we develop our partnership and offer a unique blend of professional development, mentorship, and growth opportunities for emerging talent in the creative industries.”

source/content: broadcastprome.com /BroadcastPRO / (headline edited)

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SAUDI ARABIA

TUNISIA: Dr. Erij Messadi & Prof. Mounir Bezzarga were Awarded 02 Gold medals at International Exhibition of Inventions Geneva 2023.

This is a new consecration for Tunisia on an international scale. This is the International Exhibition of Inventions Geneva 2023, one of the largest events dedicated to invention organized by the World Intellectual Property Organization and the Swiss government. Two gold medals were awarded to Erij Messadi, researcher, and Mounir Bezzarga, professor, for their inventions.

Tunisia causes a stir with two revolutionary inventions

The two Tunisian winners were distinguished among a total of 1,000 other inventions from 50 different countries, thanks to the gigantic potential of their projects.

Dr. Erij Messadi, representative of the Institut de Pasteur, presented a one-of-a-kind project at this prestigious event. Baptized “Lebecetine, Lectin type C, as an inhibitor of neovascularization”, it was able to capture the attention of the public and was able to win the gold medal with congratulations from the jury. His innovative invention aims to demonstrate the crucial role of Lebecetine in blocking the formation of new blood vessels, which could slow the progression of several diseases such as cancer.

The ImmunoDefender project won in the Q category. Designed and produced by Dr. Mounir Bezzarga to fight against COVID-19, this winning invention continues to receive awards and shine on an international scale. After winning a prize at TICAD and another at the Euro-Mediterranean Intellectual Property Conference, this plant-based project was on the way to winning the gold medal with congratulations from the jury at the Geneva fair.

Beyond the obstacles, Tunisia continues to shine

Despite the turbulent political scene and the difficult economic situation, Tunisia continues to shine thanks to the exploits of its talents. Indeed, the country is always represented on the podium of international events, especially those dedicated to technologies and inventions. Tunisian inventors like Erij Messadi and Mounir Bezzarga are often awarded for their inventions covering several fields. All this bears witness to remarkable innovation and dynamism on the Tunisian scene.

This immense potential can only be an incomparable asset for our Tunisia. The future therefore looks promising in this area.

source/content: yaluna.tn (headline edited)

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pix: themaghrebtimes.com

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TUNISIA

U.A.E: Abu Dhabi schoolgirl ‘Amna Al Mansouri’ Crowned ‘UAE Arab Reading Challenge’ Champion

Competition also had a new category this year for disabled pupils.

An Abu Dhabi pupil was crowned the winner of the UAE Arab Reading Challenge in Dubai on Friday.

Emirati schoolgirl Amna Al Mansouri, who read 128 books during the academic year, took top spot ahead of more than 500,000 pupils.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, praised those who took part.

“Today, the UAE celebrated 514,000 students from state schools who participated in the Arab Reading Challenge – whose Arab and international participation reached 24.8 million students,” he said on Twitter.

“I congratulate Amna Mohammed Al Mansouri, and her family, for coming in first place. Amna read 128 books during the academic year.

“Two years ago, Amna lost the ability to walk, but that did not stop her. She soldiered ahead and sailed across the vast ocean of knowledge and literature. The challenge was the beginning of a life-changing experience.

“Today, Amna can walk once again, she has won the Reading Challenge and has authored two stories.

“She will represent the country in a few days at the International Physics Olympiad in Tokyo.”

Amna took the top prize ahead of Mohammed Al Hammadi and Iman Daoud.

The competition had a new category this year for disabled pupils. Emirati pupil, Ghareeb Al Yamahi, won first place, with Ghaya Zainallah coming in second place.

“I also congratulate the student Gharib Al Yamahi who won first place in the reading challenge in the category of people of determination,” Sheikh Mohammed said.

“Gharib is blind in sight but he is not a stranger in the path of achievement.

“Gharib read 130 books during the academic year in Braille. He is a writer of articles, a speaker and an inspiration to all of us. When a blind person reads 130 books, sighted people should review themselves.

“All the best to Gharib who, with his persistence and willpower, represents the saying that ‘nothing is impossible in the UAE’.”

The ceremony was attended by Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.

Largest in the world

In May, Sheikh Mohammed  said the annual Arab Reading Challenge  had become the largest event of its kind in the world.

He said 24.8 million pupils from 46 countries had taken part in this year’s competition.

It was launched in 2015 to encourage a million young people to read at least 50 books in a year.

The challenge usually starts at the beginning of the academic year, around September, and continues until the end of the academic year.

The Arab Reading champion is selected based on the pupil’s ability to articulate general knowledge, critical thinking and communication skills, plus the diversity of books they have selected.

A Syrian schoolgirl who survived a deadly missile attack during the civil war in her country was crowned the Arab Reading Challenge Champion in November.

Sham Al Bakour, who was seven when she was named winner, was only six months old when her family’s car was struck during violence in Aleppo in December 2015.

Her father was killed while she and her mother survived the horrific attack.

She completed a remarkable journey from tragedy to triumph to win words of praise from Sheikh Mohammed.

The young literature lover read 70 books to win the competition.

When asked about what she would do with the Dh1 million ($270,000) prize money, she said she would give it to her mother.

source/content: thenationalnews.com (headline edited)

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The UAE Arab Reading Challenge prize ceremony was held in Dubai.

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ARAB WORLD / UNITED ARAB EMIRATES (U.A.E)

SYRIAN-AMERICANS: Refugee-Powered ‘NaTakallam’ Launches Professional Arabic Language Courses

  • New course offers four tracks specific to journalism, humanitarian work, health care and business
  • “Arabic for Professionals” carricula are proofed by Arabic academics from top universities

Six Syrian refugees in the US have crafted the “Arabic for Professionals” course launched on Wednesday by NaTakallam, a refugee-powered social enterprise that provides language learning, translation and interpretation services.

The course’s contents have been proofed by Arabic academics from top universities, such as the American University of Paris, according to a press release by NaTakallam.

Tailored for upper-intermediate and advanced Arabic students, “Arabic for Professionals” offers four tracks specific to journalism, humanitarian work, health care and business.

“The program is the outcome of conversations about common teaching challenges among NaTakallam language partners, especially when it comes to Arabic in practice,” said Carmela Francolino, NaTakallam’s talent and community manager.

“After defining the general profiles of our students and their needs, the necessity of structured courses for intermediate and advanced students was clear, as were the topics we needed to focus on,” she said.

Combining synchronous and asynchronous learning, “Arabic for Professionals” provides flexibility to fit busy schedules. The curricula are divided into several units, including exercises to reinforce each point and ten one-hour private lessons with an experienced tutor.

In addition to a focus on Modern Standard Arabic, a lingua franca used across the Arabic-speaking world, the one-on-one tutoring sessions offer students the opportunity to practice what they have learned in spoken dialects of Levantine Arabic.

Multiple pilot students have noted that the blended structure of the course provided an impetus for them to continue learning the language after their progress had stalled.

“For NaTakallam, whose core mission is to showcase the talents of displaced and conflict-affected people, it is especially meaningful that our language partners are not only teaching this curriculum but have created it in its entirety,” said Aline Sara, co-founder and CEO of NaTakallam.

Besides the new Arabic for Professionals program, NaTakallam offers an Integrated Arabic Curriculum, a 25-hour course that teaches Modern Standard Arabic and Levantine Arabic concomitantly, as well as one-on-one language tutoring in Arabic, Armenian, French, Kurdish, Persian, Russian, Spanish and Ukrainian.

source/content: arabnews.com (headline edited)

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SYRIAN / AMERICANS

ARABIC POEMS, Pre-Islamic Era: Poetry in the Spotlight as ‘Khawalid’ Platform Records 1,000 Historic Poems

The King Salman Global Academy for Arabic Language has launched the “Khawalid” initiative, an audio platform that aims to record 1,000 selected poems from the pre-Islamic era, in line with the Ministry of Culture’s Year of Arabic Poetry.

Abdullah Al-Washmi, secretary-general of KSGAFAL, told Arab News that the initiative, which translates to “living forever,” aimed at enriching Arabic content in various media.

He said: “Strengthening the role of the Arabic language is part of the set of goals from which the King Salman Global Academy for Arabic Language‎ stems.”

One of its goals is to highlight the scientific, cultural and civilizational status of the Arabic language. It aims to create a platform that helps preserve Arabic content in the field of poetry.

Al-Washmi added that it will also make poetry, especially Arabic poems from the pre-Islamic era, more accessible to the public.

He said: “It highlights the value of the Arabic language, which expresses the linguistic depth in Saudi Arabia, to bring it closer to the public and endear them to it, to deepen its status, and to raise awareness of it as an integral part of the identity of the Arab person.”

The initiative will focus on the era that began approximately 150 to 200 years before Islam, and the KSGAFAL will direct work over all stages.

Its task will involve verifying work and its attribution to its author, along with determining the meaning and integrity of the content.

The selection will be limited to poems that are no less than 10 verses, taking into account the diversity of the poets and the selected works.

Al-Washmi said: “‎Poetry in the pre-Islamic era constitutes an important literary material that can be invested in building linguistic knowledge, enriching the artistic and aesthetic experience, and contributing to linking the contemporary generation with its authentic literary heritage.

“‎This initiative confirms the KSGAFAL’s interest in the culture and arts of the Arabic language, in addition to its great care in planning, teaching and computerizing it, striving in all of this to achieve its goals, which are a target of the Human Capacity Development Program, one of the Saudi Vision 2030 initiatives.”

source/content: arabnews.com (headline edited)

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ARABIC POEMS / SAUDI ARABIA

EGYPT: Prominent Egyptian Gynaecologist and Author Abul-Ghar Wins ‘Nile Award in Science & Advanced Technological Sciences’

Prominent Egyptian gynaecologist and author Mohamed Abul-Ghar won on Sunday the State Nile Award in Science and Advanced Technological Sciences.

Minister of Higher Education and Head of the Scientific Research and Technology Academy Mohamed Ashour announced that Cairo University’s Professor at the Faculty of Medicine Dr Mohamed Abul-Ghar and Mansoura University’s professor at the Faculty of Medicine Dr Hassan Abul-Enein won the State Nile Award in Science and Advanced Technological Sciences.

“It is the state’s recognition of scientists’ efforts in advancing the nation and building the new republic and knowledge economy,” Ashour said on Sunday in a press conference at the New Administrative Capital.

Abul-Ghar started, with a group of medical doctors, Egypt’s first-ever centre for in vitro fertilisation (IVF).

Abul-Ghar, 82, received the Egyptian National Award for Scientific Excellence in 1999. He also received honourary membership of the European Society for Human Reproduction and Embryology in 2004 and honourary membership in the International Federation of Fertility Societies in 2000. 

Abul-Ghar has also been active politically as he established, with other university professors, the 9 March Movement for the Independence of Universities during the rule of the late President Mubarak. He was also among the spokespersons of the National Association of Change.

Following the ouster of Mubarak in February 2011, Abul-Ghar was among the founders of the left-liberal Egyptian Social Democratic Party.

Aside from his medical scientific career and political activism, the prominent gynaecologist established himself in recent years as a bestselling non-fiction author with a special interest in the modern history of Egypt, specifically the pre-1952 liberal era.

Among his bestselling books are Egyptian Jews in the 20th Century, The Egyptian Legion and The Pandemic that Killed 180,000 Egyptians. 

source/content: english.ahram.org.eg (headline edited)

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File Photo: Mohamed Abuol-Ghar. / Al-Ahram

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EGYPT

SAUDI ARABIA: Maryah Abdudeeb the Saudi Visionary Jewelry Designer Turning Arabic Literature Into Stunning Wearable Art

Saudi jewelry designer, Maryah Abdudeeb, is revolutionizing the world of wearable art by fusing the elegance of Arabic calligraphy with the beauty of literature. Through her brand, Mashq, she has embarked on a creative journey that begins with the delicate strokes of a calligraphy brush and culminates in the creation of breathtaking masterpieces inspired by poetry and literature.

Mashq, which takes its name from an ancient form of calligraphy, meaning “stretch out,” captures the essence of Arabic letters in a unique and captivating manner. The brand’s founder, Maryah Abdudeeb, drew inspiration from her childhood experiences, where she witnessed her father’s skillful calligraphy and her mother’s ability to transform simple materials into works of art.

Guided by these formative influences, Abdudeeb embarked on a quest to explore the depths of Arabic poetry and literature. Her creative journey was further enriched as she traveled to different countries, marveling at architectural marvels adorned with historic Arabic inscriptions. It was during these encounters that she stumbled upon jewelry pieces engraved with calligraphy, each one narrating a deeply personal story.

With a profound love for Islamic art, Abdudeeb believes in showcasing and appreciating its timeless beauty. To deepen her knowledge and understanding of this art form, she immerses herself in Islamic design books, where she discovers an array of captivating designs and phrases inspired by this rich cultural heritage.

The COVID-19 lockdown proved to be a turning point for Abdudeeb, as she pondered over ways to combine her twin passions: jewelry and Arabic calligraphy. It was during this period of introspection that the concept of Mashq was born.

In March 2021, Mashq made its debut, unveiling its inaugural collection. Abdudeeb personally contributed to each stage of the jewelry-making process, acting as both the calligrapher and designer. Each piece in the collection showcases verses and lines from her favorite works of Arabic poetry and literature, capturing the essence of profound emotions and inspiring narratives.

The transformative design process begins with Abdudeeb meticulously rendering the chosen phrase in calligraphy, striving to convey its true essence. The phrase is then transformed into a three-dimensional representation using specialized jewelry design software. Depending on the size and intricacy of the piece, it is crafted either by hand or with the assistance of cutting-edge machinery.

However, the true measure of success for Abdudeeb lies in the emotions evoked by her creations. By employing a variety of meaningful phrases and materials such as silver, gold plating, and gems, she aims to establish a connection between the wearer and the words. Each piece serves as a reflection of personal sentiments or a wellspring of motivation, empowering individuals to carry their chosen phrase with grace and pride.

source/content: abouther.com (headline edited)

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SAUDI ARABIA

U.A.E / EGYPT: UAE’s Masdar to Build ‘World’s Largest Wind Farm’ in Egypt at $10B

Prime Minister Mostafa Madbouli attended Tuesday evening the signing of an agreement between the Ministry of Electricity and Renewable Energy and the Abu Dhabi Future Energy Company (Masdar) to allocate a land plot for the establishment of a $10-billion wind farm whose capacity will be 10 gigawatts, making it the world’s largest.

Masdar will operate within a consortium that includes Infinity Power and Hassan Allam Utilities. The project is estimated to save $5 billion in natural gas costs per annum, and reduce carbon emissions by 23.8 million tons, which is nine percent of Egypt’s annual emissions.

The farm will produce 47,790 GWh of clean energy every year contributing in Egyptian efforts aimed at making the share of renewables in the energy mix 42 percent by 2035.  

The initial agreement was signed on the sidelines of COP 27 held in Sharm El Sheikh in November, so as the signing was attended by President Abdel Fatah al-Sisi and Emirati counterpart Sheikh Mohamed Bin Zayed.  

source/content: egypttoday.com (headline edited)

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UNITED ARAB EMIRATES (U.A.E) / EGYPT

SHARJAH, U.AE: Bodour Al Qasimi Wins Prestigious Regional Award ‘Most Creative People in Business 2023’ for creative, problem-solving approach to global issues

 Sheikha Bodour bint Sultan Al Qasimi, the President of the American University of Sharjah (AUS), has been honoured as one of Fast Company Middle East’s Most Creative People in Business 2023, specifically recognised in the “Bringing Good Things to More People” category.

Expressing her gratitude upon receiving the award, Sheikha Bodour humbly acknowledged the recognition, expressing surprise and appreciation. She described creativity as the act of transforming something from nothing and finding innovative solutions to problems. Sheikha Bodour expressed her delight if her creative endeavors have contributed to addressing challenges. Reflecting on the words of Steve Jobs, she emphasised that those who dare to believe they can change the world are the ones who actually do. Sheikha Bodour emphasised the importance of thinking differently to make a meaningful impact, highlighting the shared trait among all the nominees for the award.

In addition to this prestigious accolade, Sheikha Bodour has been recognised for her innovative thinking and leadership in various initiatives for the greater good, with a particular focus on literacy, reading, and culture.

One of her notable accomplishments was the establishment of the Emirates Publishing Association in 2009, a non-profit trade association dedicated to developing and professionalising the UAE’s publishing industry. Sheikha Bodour’s international perspective led the EPA to obtain membership in the International Publishers Association (IPA) in Geneva, a historically Western-led organisation. She also played a pivotal role in piloting IPA committees and initiatives before being elected as its vice-president from 2019 to 2020.

Sheikha Bodour’s commitment to making a difference in the literary world extended beyond the UAE. In 2019, she formed a partnership between the IPA and Dubai Cares, resulting in the Africa Publishing Innovation Fund (APIF). The fund invested $800,000 in 18 projects from 2020 to 2022, promoting indigenous languages, literacy, education, library access, and accessible book publishing for visually impaired readers. The APIF continues to positively impact thousands of people across 20 countries.

During her presidency of the IPA from 2021 to 2022, Sheikha Bodour faced the challenges posed by the COVID-19 pandemic, which significantly impacted the book industry. However, she successfully unified the global publishing community by redefining it as a balanced ecosystem comprising interconnected stakeholders.

Advocacy for women’s representation was a core aspect of Sheikha Bodour’s tenure as IPA president. She actively promoted female inclusion in committees, discussion panels, and meetings. Her efforts resulted in her successors as president and vice-president both being women. In 2025, when the vice-president assumes the top role, she will become the third consecutive woman to lead the organisation.

In 2019, Sheikha Bodour established “PublisHer” in response to the underrepresentation of women in leadership positions within the publishing industry. PublisHer serves as an interactive platform that amplifies the voices of women in the industry and provides practical support to help them advance their careers.

Sheikha Bodour’s long-standing determination led to Sharjah earning the esteemed status of World Book Capital City in 2019. Her innovative year-long program prioritised inclusivity, and as a lasting legacy, she conceptualised the remarkable House of Wisdom, a cultural hub and library that focuses on fostering human interaction and enlightenment.

Furthermore, in 2016, Sheikha Bodour launched the Kalimat Foundation, which aims to provide access to books for Middle Eastern children affected by conflict or visual impairment. The foundation empowers vulnerable young individuals by equipping them with knowledge and ideas by giving them books in accessible formats. So far, it has touched the lives of 162,000 disadvantaged children in 31 countries in Asia, Africa, Europe, and Latin America.

source/contents: wam.ae (headline edited)

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SHARJAH, UNITED ARAB EMIRATES (U.A.E)

DUBAI, U.A.E: Mohamed Al Hussaini Rings Market-Opening Bell to Celebrate Listing ‘Islamic Treasury Sukuk’ on Nasdaq Dubai

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, rang the market-opening bell to celebrate and mark listing the domestic Dirhams Islamic Treasury Sukuk (T-Sukuk) on Nasdaq Dubai.

The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced launching dirham-denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of AED1.1 billion.

The launching of Dirham-denominated Islamic Treasury Sukuk (T-Sukuk) includes a series of issuances, in order to attract a new category of investors and support the sustainability of economic growth.

Total issuance of AED1.1 billion

The issuance of T-Sukuk is aimed at enhancing the UAE’s economic competitiveness by providing high-quality Islamic assets at competitive prices. This will support the Central Bank of the UAE in managing liquidity within the banking sector and boosts the size of financial investments, which will reflect positively on the country’s economy, investment environment, per capita income, and gross national income.

The bell-ringing ceremony was attended by a number of senior officials from the Ministry of Finance, Central Bank of the UAE, Nasdaq Dubai, and the CEOs of the eight banks that were onboarded as primary dealers, in addition to other senior officials from various relevant authorities.

The inaugural issuance of the Dirham-denominated Islamic Treasury Sukuk programme witnessed a strong demand through the eight primary bank dealers, with bids received worth AED8.3 billion, and an oversubscription by 7.6 times.

The strong demand was across both tranches, with a final allocation of AED550 million for the two-year tranche, and AED550 million for the three-year tranche, with a total issuance of AED1.1 billion. Other tranches of Islamic Treasury Sukuk will be issued with various tenures of up to five years initially, followed by a 10-year sukuk at a later date.

Reaffirming UAE’s position in Islamic economy

Al Hussaini noted that issuing the T-Sukuk contributes to expanding the scope of Islamic banking and is one of the most important tools for managing monetary policy and liquidity to finance development programmes and projects.

The T-Sukuks are Sharia-compliant financial certificates for trading in the secondary market along with the main distributors, reflecting the current return on investment. These sukuk will also contribute to stimulating the securities market and strengthening the base of Islamic securities, providing safe and rewarding investment alternatives, and attracting new segments of local and international investors.

He emphasised that the success of the first auction is another testament to the UAE’s creditworthiness as one of the most advanced and competitive economies in the world, reaffirming its position as a leading investment hub in the field of the Islamic economy.

Al Hussaini said, “The issuance of Islamic Treasury Sukuk is a new step towards achieving the comprehensive and sustainable economic and social development objectives of the UAE. It contributes to the development of the financial market and the investment environment in the country by attracting financial investments and rejuvenating the local financial and banking sector to diversify funding sources, which cements the UAE’s position as a global hub for the Islamic economy.”

Efficiency of UAE’s financial sector

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, “The T-Sukuk programme’s first issuance, denominated in UAE Dirhams, reinforces the UAE’s competitive position as a developed global financial centre.

The programme has succeeded in diversifying financial markets activities, enhancing infrastructure to support Sharia-compliant investment options and alternatives, and strengthening the resilience and stability of the financial system. This milestone will also support in bolstering financial investments and promoting greater confidence among local and international investors in the UAE’s financial system, leading to further strategic growth across the sector and fortifying the UAE’s role in the global Islamic economy.”

He added, “The remarkable success of the first auction for the issuance of T-Sukuk denominated in UAE Dirhams is a testament to the soundness of the financial and economic policies, the robust creditworthiness, and the efficiency of the UAE’s financial sector. It also supports the UAE’s stimulating investment environment globally to diversify investment and financial alternatives and continue sustainable growth underpinned by future visions and plans. We are pleased to have partnered with the Ministry of Finance in enhancing the UAE’s financial markets and improving the investment environment in the country.”

Dubai as global centre for Sukuk listings

Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, said, “The issuance of the T-Sukuk is an important development for the UAE capital markets attracting diversified investment categories to the country and providing an important investment tool for Islamic banking. The listing today further strengthens Dubai’s position as one of the largest centres for Sukuk listings globally with US$77.67 billion total value of Sukuk listed in Dubai.

This opens the path for regional and international investors to strengthen their links with the UAE government as well as to expand their investment options in the UAE. At Nasdaq Dubai, our mission supports the UAE Central Bank’s ambitious strategy to develop a strong fixed-income market in the UAE by providing investors with investment opportunities in sovereign issuances and a more effective yield curve gauge in debt instruments.”

The Ministry of Finance onboarded eight banks, namely Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank PJSC (ADCB), Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, Mashreq, and Standard Chartered as Primary Dealers to participate in the T-Sukuk primary market auction and to actively develop the secondary market.

source/content: wam.ae (headline edited)

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DUBAI, UNITED ARAB EMIRATES (U.A.E)