Dubai-listed Al Salam Bank's AT 1 issuance raises $450mln
The private placement drew substantial demand from investors in the region and overseas despite global market volatility, the company, which is dual-listed on the Bahrain Bourse and Dubai Financial Market (DFM), said on Tuesday.
'The overwhelming response to our USD 450 million AT1 capital issuance is a testament to Al Salam Bank's financial stability, market credibility and strategic direction,' said Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital.
Al Salam's investment banking arm, ASB Capital was mandated to advise and structure the issuance.
The offering is part of the company's strategy to strengthen its capital base and support future growth plans. The company also looks to boost its position as a diversified financial group in the region.
Since 2020, Al Salam has consistently increased its total equity by more than 65%, according to Nayed.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
2 minutes ago
- Gulf Business
Dubai's public transport surge: 395 million riders in first half of 2025
Image credit: Dubai Media Office/ Website Dubai's Roads and Transport Authority (RTA) announced a 9 per cent increase in public transport ridership in the first half of 2025, with nearly 395.3 million riders using various transit modes, up from approximately 361.2 million in the same period in 2024. The daily average ridership climbed to 2.18 million, compared to 1.98 million last year. Read- The RTA's multi-modal transport network includes the Dubai Metro, Tram, public buses, marine transport, taxis, and shared mobility services such as app-based vehicles, hourly rentals, and on-demand buses, Confidence in the system Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors of the RTA, said the consistent growth reflects the public's growing confidence in the reliability and quality of Dubai's transportation services. 'The continued growth in public transport ridership reflects users' confidence in the system's efficiency and the quality of services provided across all modes. We remain committed to delivering safe, comfortable, and sustainable mobility solutions for every segment of society,' Al Tayer stated. He highlighted the transformation of the public transport sector, describing it as the 'backbone of mobility' across the emirate. Since 2006, the share of journeys made using public and shared transport has increased from 6 per cent to 21.6 per cent by the end of 2024. Vision for growth Al Tayer emphasized the authority's long-term vision to make public transport the first choice for commuters by improving accessibility and connectivity across Dubai. 'We are moving forward with a clear vision to make public transport the preferred choice for daily commuting by smartly expanding transport lines and networks, strengthening connectivity between stations and key destinations, and offering flexible, inclusive mobility solutions.' Image credit: Dubai Media Office/ Website Dubai Metro Blue Line and green mobility push One of the major projects under development is the Dubai Metro Blue Line, which is currently under construction. Spanning 30 kilometres and comprising 14 stations, the new line is expected to serve nine key districts with a combined population of one million. The project is aligned with the Dubai 2040 Urban Master Plan. In line with its sustainability goals, the RTA also announced the procurement of 637 buses, including 40 electric vehicles, compliant with Euro 6 low-emission standards, the first and largest such fleet in the UAE. The buses are expected to be delivered between 2025 and 2026 and will support the expansion of the bus network. 'They also align with our strategic objective to convert the entire public bus fleet to electric and hydrogen-powered vehicles by 2050,' Al Tayer added. As part of ongoing efforts to improve service quality, the RTA has completed the development of 16 bus stations and six depots this month. Image credit: Dubai Media Office/ Website Mode share and ridership trends The Dubai Metro accounted for the largest share of riders in the first half of the year, at 36.5 per cent, followed by taxis at 26 per cent, and public buses at 24 per cent. May emerged as the busiest month, with 68.8 million riders, while other months saw between 61 and 68 million users. Al Tayer noted that the ridership growth reflects Dubai's economic recovery and the effectiveness of RTA's strategic transport initiatives. 'Dubai's public transport network, with all components operating in full integration, serves as the backbone of mobility across the emirate. It has succeeded in fostering a positive shift in public attitudes toward mass transit,' he said. Metro station performance The Dubai Metro saw nearly 143.9 million riders during the first half of 2025 across both the Red and Green Lines. BurJuman Station, serving both lines, recorded the highest ridership at 6 million. Al Rigga Station followed with 8 million, and Union Station with 6.6 million. On the Red Line, Mall of the Emirates (5.6 million), Burj Khalifa/Dubai Mall (5.4 million), and Business Bay (5.3 million) were top performers. On the Green Line, Sharaf DG Station led with 1 million riders, followed by Baniyas (4.1 million) and Stadium Station (3.6 million). Other transit modes The Dubai Tram carried 4.9 million riders, while public buses transported 95.7 million. Marine transport services, including water buses, ferries, and abras, served 9.7 million passengers. Shared mobility options — including ride-hailing apps, hourly rentals, and on-demand buses — accounted for 37.6 million riders. Meanwhile, taxi services transported 103.5 million riders, making them the second-largest mode by usage after the Metro. Building an integrated ecosystem RTA's strategy hinges on developing an integrated and sustainable transportation network that connects all transit modes — from metro lines to marine services, first-and-last-mile solutions, and shared mobility. This includes not only expanding the physical infrastructure, such as roads and stations, but also investing in smart transport systems that increase the efficiency of traffic and public transport management. Other key initiatives include: Enhancing pedestrian and cycling facilities. Improving connectivity between different modes. Implementing policies that encourage the shift away from private vehicle use. Looking ahead to 2030 As part of its long-term strategy, the RTA aims to increase the share of trips made using public and shared transport from 21.6 per cent today to 25 per cent by 2030. These goals are aligned with broader sustainability objectives, including emissions reduction, improved air quality, and efficient land use across Dubai.
The National
2 minutes ago
- The National
The Breach: A summary of 2025's biggest cyber attacks so far
Germany-based insurer Allianz Life on Sunday confirmed that it was the victim of a cyber security breach and data of the majority of its 1.4 million customers in North America has been compromised. The company, a part of the global financial services conglomerate Allianz Group, is the latest among the fast-growing list of big corporations - a large number of which are household names - falling victim to cyber attacks. Tech giant Microsoft being hit by a wave of activity also made headlines this month, with the list of its affected clients still growing. Cyber attacks are becoming more sophisticated, especially with artificial intelligence providing offenders with more ways of infiltrating systems and breaching layers of security. About 560,000 new malware pieces are discovered on average every day, according to San Francisco-based security company DeepStrike, which has an office in Dubai. The National takes a look at some of the biggest names that have been targeted by the digital underworld, on a monthly basis this year. January: Starting with a bang Twenty-one data breaches were recorded in January, according to the industry watchdog Cyber Management Alliance (CMA), most notably an attack on the UN's International Civil Aviation Organisation and Hewlett-Packard Enterprise, which revealed at the time it was investigating a new threat. Seven ransomware attacks were detected during the month, including on Japanese watch maker Casio and India's Tata Technologies. February: 'Just the tip of the iceberg' Each day presents new threats and February escalated worries in the cyber realm, the CMA said. Five ransomware attacks were recorded during the month, while data breach-related incidents were also reported. Among the victims were companies including US delivery service GrubHub. The attack impacted personal information of a part of its customer base. However, arguably the most damaging attack was the one that befell on decentralised money lender zkLend, which said it lost $9.5 million worth of crypto to hackers - continuing the concerns over digital assets despite some "acts of Genius" from the US government to regulate them. March: X takes the big spot Not even a companies run by the world's wealthiest person are safe. Elon Musk's X - formerly Twitter - fell victim to what he described as a "massive" breach, which was later was termed a distributed denial-of-service attack. That was one of 13 cyber attacks for the month, plus six ransomware incidents that included one that hit Malaysia's Kuala Lumpur International Airport, wherein the government rejected a $10 million ransom demand. Meanwhile, 18 data breaches were recorded, including one at Oracle in which six million data records were taken. April: No fooling around Major British retailer Marks & Spencer headlined April's cyber attacks, hitting its deliveries, online transactions and gift card processing. Twenty major data breaches were recorded by the CMA, including one from the US Office of the Comptroller of the Currency, which revealed the discovery of unauthorised access to emails of employees and senior executives, and Britain's Royal Mail, involving about 144GB of stolen data. On the other hand, 11 ransomware attacks were noted - although six were from inconclusive sources. May: Coinbase and retail bonanza Retail majors Coca-Cola, M&S peer Harrods, Adidas, Victoria's Secret and Peter Green Chilled, a logistics company that serves British grocery chains, all suffered one form of attack. However, the most notable was the attack on crypto platform Coinbase, which said an "unknown threat actor" demanded a $20 million ransom. The company offered the same bounty to identify the extortionist. May was, by far, the most busy month in terms of attacked, with 20 and 21 recorded incidents for data breaches and cyber attacks, respectively, according to CMA data. June: 'Damaging as ever' Aside from six ransomware attacks, June was a month when retailers remained a prime target, including outdoor gear maker North Face and luxury brand Cartier. The big names that suffered include attacks include Washington Post, where a cyber attack compromised its journalists' accounts, and Canada's WestJet, where flight operations were disrupted.
Zawya
28 minutes ago
- Zawya
Al Rasikhoon Real Estate unveils 'Rawdat Al Sidir' land development in Sharjah
SHARJAH: Al Rasikhoon Real Estate announced the launch of its latest landmark development in Sharjah, Rawdat Al Sidir, and the commencement of sales for residential, commercial and industrial land plots within the master plan of the project, which spans a total area of 8.5 million square feet. This strategic unveiling reflects the company's broader vision to create integrated, thoughtfully planned communities that blend residential comfort with commercial opportunity. The announcement came during a high-profile event held on Sunday, July 27 at Al Jawaher Reception and Convention Centre. The ceremony was graced by bdallah Sultan Al Owais, the Chairman of the Sharjah Chamber of Commerce and Industry, Mohammad Ahmed Amin Al-Awadi, Director-General of Sharjah Chamber of Commerce and Industry. The gathering brought together senior officials, real estate professionals, and a host of investors and industry leaders. Welcoming attendees, the opening remarks underscored Sharjah's appeal as a strategic investment hub, renowned for its modern infrastructure, balanced urban planning, and forward-thinking economic policies rooted in sustainability.
