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FAB raises more Formosa funds
First Abu Dhabi Bank (FAB) raised USD 750 mn in its USD-denominatedFormosa bond issuance, Zawya reports. The Regulation S notes kept their initial price guidance of 75 basis points over the secured overnight financing rate, to be paid in arrears quarterly. The notes secured the expected Aa3 rating from Moody’s and the issuance will be listed on the Taipei Exchange and London Stock Exchange. It marks the second time the lender has tapped debt markets this year, following a USD 750 mn five-year Eurobond in January.
ADVISORS- Crédit Agricole’s Taipei branch, KGI Securities Co, and Standard Chartered Bank (Taiwan) served as joint lead managers, with Standard Chartered also acting as the billing and delivery bank, and FAB working as the structuring agent.
FinMin’s first T-sukuk of the year almost 5x oversubscribed
The Finance Ministry’s AED 1.1 bn T-sukuk auction in January was 4.7x oversubscribed, receiving AED 5.6 bn in bids from primary dealers, state news agency Wam reports. The auction included two tranches: a T-sukuk tranche, maturing in October 2027 and offering a yield of 3.66%, and a T-bond maturing in January 2031 with a yield of 3.90%. The yields represent a spread of 9 basis points above comparable US Treasuries.
The total outstanding value now stands at AED 28 bn, with the latest issuance deepening the UAE’s local debt capital market. It comes as the Finance Ministry opens up its T-sukuk to retail investors as well.
Tarabut adds AI to its open-finance stack
UAE-based open banking platform Tarabut acquired Servable, a Bahrain-founded, full-stack AI platform for regulated industries, for an undisclosed amount, according to a statement. Servable will be folded into Tarabut’s operations across Bahrain, Saudi Arabia, and the UAE, as it moves beyond data access into AI-driven decisioning.
Why it matters: The transaction sharpens Tarabut’s pitch to banks and fintechs seeking deployable AI, with full governance, privacy, and explainability integrated into its open-finance stack. It fits Tarabut’s expansion push — as its CFO previously told us, the firm is scaling in the UAE and KSA after securing in-principle approval from the Central Bank of the UAE under the Open Finance framework.
Tarabut has used M&A to build its stack before, acquiring London-based fintech Vyne in 2024 to roll out real-time, account-to-account payments starting in Bahrain, with Saudi Arabia and the UAE next.
Ras Al Khaimah inks PPP for water treatment
Ras Al Khaimah has signed its first public-private partnership, entering a long-term sewage treatment agreement with a consortium comprising Taqa Water Solutions, Etihad Water and Electricity (EtihadWE), and France’s Saur International to develop a 60k cbm / d wastewater treatment plant serving up to 300k people, according to Abu Dhabi Media Office.
The project will be delivered under a build-own-operate-transfer structure, with the consortium responsible for the design, financing, construction, operation, and maintenance of Ras Al Khaimah Wastewater Treatment Plant, before transferring ownership to the emirate’s Public Services Department at the end of the concession period.
The facility will anchor a broader wastewater and recycled-water network, including a 6.3-km gravity pipeline for wastewater collection and up to 26 km of transmission infrastructure for treated water distribution.
