{"id":104046,"date":"2025-05-27T00:00:00","date_gmt":"2025-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-sharjah-islamic-bank-sounds-out-investors-for-at1-sukuk-sale-pay-for-your-flights-with-stablecoin\/"},"modified":"2025-05-27T00:00:00","modified_gmt":"2025-05-27T00:00:00","slug":"this-morning-sharjah-islamic-bank-sounds-out-investors-for-at1-sukuk-sale-pay-for-your-flights-with-stablecoin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/05\/27\/this-morning-sharjah-islamic-bank-sounds-out-investors-for-at1-sukuk-sale-pay-for-your-flights-with-stablecoin\/","title":{"rendered":"THIS MORNING: Sharjah Islamic Bank sounds out investors for AT1 sukuk sale + Pay for your flights with stablecoin?"},"content":{"rendered":"

Good morning, lovely people. <\/strong>It\u2019s a quieter start to the week after what has been a very busy month of news, what with Trump\u2019s visit to the UAE, Make It in the Emirates, and the many regulatory updates that have been announced. <\/p>\n

THE BIG STORY at home today is DP World inking an agreement to develop a special economic zone at Oman\u2019s border<\/strong>, with the first phase alone set to require some USD 2 bn in investments. Plus:<\/strong> Ghitha\u2019s Invictus<\/strong> is acquiring a majority stake in an Angolan fertilizer blending business. <\/p>\n

WATCH THIS SPACE- We might soon get confirmation on the days off we\u2019ll be getting for Eid Al Adha<\/strong>, with the UAE Council for Fatwa planning its moon sighting this evening. If the moon is spotted, marking the start of Dhu Al Hijjah, we will likely be getting Thursday, 5 June off for Arafat Day, and a four-day long weekend. If it\u2019s not spotted tonight, the Eid holiday shifts forward one day, with Friday, 6 June, and Monday, 9 June, off. <\/p>\n

?WEATHER<\/strong>- Expect another drop in temperatures today<\/strong> \u2014 a welcome breather after the weekend\u2019s 51\u00b0C scorcher<\/a> \u2014 along with some wind and blowing dust, according to the National Center of Meteorology (pdf)<\/a>. In Dubai<\/strong>, the mercury will hit a high of 39\u00b0C before dropping to 30\u00b0C overnight, according to our favorite weather app. Abu Dhabi<\/strong> will see a daytime high of 35\u00b0C and an overnight low of 29\u00b0C, though it will likely feel much warmer with humidity of around 70% later in the evening.<\/p>\n

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REGULATION <\/strong>UPDATE- Vara clears path for RWA tokenization: <\/strong>Dubai\u2019s Virtual Assets Regulatory Authority (Vara) has formally authorized the tokenization of real-world assets (RWAs) under its updated rulebook, Mazen Boustany, partner at Baker McKenzie in the UAE, told EnterpriseAM UAE. The change stems from refinements to Category 1 virtual asset (VA) issuance definitions, which now explicitly cover asset-referenced virtual assets (ARVAs).<\/p>\n

ICYMI- <\/strong>Vara released the second edition of its VA rulebook last week<\/a>, tightening oversight on margin trading, token distribution, and custody arrangements, while harmonizing compliance standards across all VA activities. Licensed virtual asset service providers must comply with the updated framework by 19 June.<\/p>\n

Under the revised framework, VAs are now classified into three categories <\/strong>\u2014 Category 1, Category 2, and Exempt VAs \u2014 each with its own licensing and distribution requirements, Boustany noted. <\/p>\n