{"id":109332,"date":"2025-11-11T00:00:00","date_gmt":"2025-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-dib-eyes-debut-s-linked-sukuk-multiple-shareholders-sign-off-on-2pointzero-ghitha-merger\/"},"modified":"2025-11-11T00:00:00","modified_gmt":"2025-11-11T00:00:00","slug":"this-morning-dib-eyes-debut-s-linked-sukuk-multiple-shareholders-sign-off-on-2pointzero-ghitha-merger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/11\/this-morning-dib-eyes-debut-s-linked-sukuk-multiple-shareholders-sign-off-on-2pointzero-ghitha-merger\/","title":{"rendered":"THIS MORNING: DIB eyes debut s-linked sukuk + Multiple shareholders sign off on 2PointZero, Ghitha merger"},"content":{"rendered":"

Good morning, lovely people. <\/strong>We have a mixed bag of news for you today, from more movement from Dubai\u2019s real estate developers in capital markets, to fresh regulations from the Dubai World Trade Center allowing firms to issue multiple share classes \u2014 a move that is set to be a boon for both investors and founders.<\/p>\n

PLUS-<\/strong> We have more investment news from Crescent Enterprises\u2019 CE-Invests, which is planning a AED 1 bn drive across India, Southeast Asia, and the Gulf. <\/p>\n

AND- A morning must-read for the AI nerds and worried parents among you thinking about the dangers of the online world<\/strong> for vulnerable and young users. We spoke with Google\u2019s director of trust and safety to dive into what Google is doing to safeguard young users and prevent online scams and deepfakes from taking over. Let\u2019s dive in.<\/p>\n

WEATHER- Expect a slightly warmer day in Dubai today<\/strong>, with a high of 35\u00b0C and an overnight low of 22\u00b0C, according to our favorite weather app. Over in Abu Dhabi, the mercury peaks at 32\u00b0C, with an overnight low of 22\u00b0C. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- ADX-listed Multiply Group\u2019s shareholders have signed off on its <\/strong>planned merger with<\/a><\/strong>2PointZero and Ghitha<\/a><\/strong> via share swap<\/strong> at its general assembly yesterday, according to an ADX disclosure (pdf)<\/a>. The company will increase its share capital to AED 8.6 bn, from AED 2.8 bn currently, and issue a total of 23.36 bn shares to acquire the two firms. <\/p>\n

Post-acquisition structure: <\/strong>Following completion, shareholders of 2PointZero will own 62.5% of Multiply, while IHC Food and IHC Companies Management (IHC CM) will jointly hold 5.1%. The transactions will consolidate the three International Holding Company (IHC) subsidiaries under Multiply, which will in turn own 100% of 2PointZero and 83.9% of Ghitha.<\/p>\n

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<\/a> #2- <\/strong>Dubai Islamic Bank (DIB) has reportedly tapped banks to arrange its maiden <\/strong>sustainability-linked sukuk issuance<\/strong> under its USD 12.5 bn Trust Certificate Issuance Program, Zawya<\/a> reports. Investor calls for the sukuk kicked off yesterday.<\/p>\n

This is <\/strong>potentially<\/strong> a five-year, fixed-rate, USD-denominated Reg S senior unsecured offering<\/strong>, according to the outlet. The issuance is expected to carry the same rating of the lender, which is rated A3 by Moody\u2019s and A by Fitch with a stable outlook. <\/p>\n

DIB mandated our friends at HSBC as joint lead managers and bookrunners<\/strong>, alongside Arqaam Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, ICBC, KFH Capital, KIB Invest, Maybank, QInvest, Sharjah Islamic Bank, and Standard Chartered Bank. Standard Chartered Bank will act as sole sustainability structurer.<\/p>\n

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#3- <\/strong>Adia-backed<\/strong> Indian eyewear retailer <\/strong>Lenskart Solutions<\/a><\/strong>\u2019s de<\/strong>but on the NSE was relatively muted<\/strong>, ending the day up 0.3% from its issue price of INR 402 after a day of choppy trading, Reuters<\/a> reports. Its shares opened 1.8% below its issue price, witnessing sharp fluctuation and briefly slipping 11% to INR 356. The eyewear retailer raised INR 72.8 bn (USD 821 mn) via its initial public offering \u2014 one of the year\u2019s largest \u2014 with bids topping USD 13 bn. The IPO valued the company at USD 7.7 bn. <\/p>\n

Background:<\/strong> The Abu Dhabi sovereign wealth fund is Lenskart\u2019s largest shareholder. Adia bought a 10% stake in the Indian company back in 2023 in a USD 500 mn<\/a> purchase agreement comprising new and existing shares. <\/p>\n

Blurry market vision: <\/strong>Despite netting USD 33 mn in income and 23% y-o-y revenue jump to USD 760 mn in FY 2025, the company\u2019s valuation remains stretched, analysts told Reuters. \u201cThe (weak) listing shows the importance of looking at the valuation and not to go blindly by grey market premium or oversubscription to apply for an IPO,\u201d one analyst said. Ambit Capital last week also issued a sell rating for Lenskart, flagging valuation concerns, with valuation at roughly 55x two-year forward EBITDA, about 15-30% higher than its peers Trent and Nykaa, as per The Hindu Businessline<\/a>.<\/p>\n

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<\/a> #4- <\/strong>UAE + Chad could sign trade agreement by year-end: <\/strong>The UAE could finalize negotiations on a trade and economic partnership agreement with Chad before the end of the year, Reuters<\/a> cites Trade Minister Thani Al Zeyoudi as saying on the sidelines of the UAE-Chad Trade and Investment Forum in Abu Dhabi. Negotiations have now moved on to discussions around market access, Al Zeyoudi said, adding that bilateral trade reached USD 1.9 bn last year, up 30% y-o-y.<\/p>\n

During the forum, the two countries signed 39 agreements worth over USD 6.2 bn<\/strong>, including 18 projects by UAE firms. Chad also unveiled its Chad Connection 2030 development plan in Abu Dhabi, seeking USD 30 bn in investment across infrastructure, energy, mining, agriculture, logistics, and financial services, with the UAE expected to be a key investor.<\/p>\n

ALSO<\/strong>- Talks with Nigeria on a trade and economic partnership agreement are at an advanced stage<\/strong>, as are talks with Rwanda, Al Zeyoudi said.<\/p>\n

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#4- <\/strong>The UAE says it will not join the proposed <\/strong>international stabilization force (ISF) in <\/strong>Gaza for now, as no clear framework for its mandate exists<\/strong>, Reuters<\/a> cites diplomatic advisor to the UAE president Anwar Gargash as saying. \u201cThe region remains fragile,\u201d he said, calling for cautious optimism and adding that the UAE would continue supporting political efforts toward peace and providing humanitarian aid to Gaza.<\/p>\n

BACKGROUND- <\/strong>The US-drafted proposal, still under discussion at the UN Security Council, would authorize the ISF to demilitarize Gaza, protect civilians and aid routes, and support a new Palestinian police force. Washington approached several countries<\/a> \u2014 including the UAE, Egypt, Qatar, Turkey, Indonesia, and Azerbaijan \u2014 to contribute, though Israel ruled out Turkish participation.<\/p>\n

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HAPPENING TODAY- <\/p>\n

#1- <\/strong>Abu Dhabi Autonomous Week<\/a><\/strong> is underway until Saturday <\/strong>at Yas Marina Circuit\u2019s Vehicle Experience Zone and the Adnec Center in Abu Dhabi. The six-day event convenes global smart mobility leaders to scale sustainable mobility solutions and explore investments across land, sea, air, and industrial uses.<\/p>\n

#2- The <\/strong>UAE-Chad Investment and Trade Forum<\/a><\/strong> is on its second and final day in <\/strong>Abu Dhabi<\/strong>, convening over 2k participants including officials, investors, and African government delegations. The forum will see MoUs signed across the infrastructure, energy, agriculture, logistics, and financial services. The program includes five main sessions covering critical minerals, hydrocarbons, industrial attractiveness, infrastructure and logistics, as well as investments in human capital and emerging technologies. <\/p>\n

#3- The Egypt-Gulf Cooperation Council Trade and Investment Forum is als<\/strong>o<\/strong> on its second and final day<\/strong> in Cairo, state news agency Wam<\/a> reports. The two-day forum will feature panel discussions and B2B and B2G meetings, focusing on expanding Egypt-GCC ties across sectors like renewable and clean energy, industry, infrastructure, logistics, tourism, agriculture, digital economy, education, and healthcare. <\/p>\n

#4- The <\/strong>World Tobacco Middle East<\/a><\/strong> (WTME) exhibition is on its second and final day<\/strong> at the Dubai World Trade Center. The joint event will feature six exhibitions, hundreds of brands, and the launch of the WTME Awards, recognizing innovation in global tobacco and cigar production.<\/p>\n

#5- Abu Dhabi will host <\/strong>RoboCup Asia-Pacific<\/a><\/strong> until Saturday<\/strong> at Khalifa University, bringing together leading robotics and AI researchers for competitions and demonstrations under the RoboCup Federation\u2019s global initiative. The event will showcase advancements in autonomous robotics, AI learning models, and humanoid soccer robots, aligning with the UAE\u2019s push to advance applied AI research.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

The ACI Financial Markets Association will hold the <\/strong>ICA Conference<\/a><\/strong><\/a><\/strong>and Exhibition<\/a><\/strong> from Thursday until Saturday<\/strong> at Conrad Dubai. The three-day event will gather professionals in financial trading, treasury management, and investment banking to discuss trends shaping global and regional markets.<\/p>\n

THE BIG STORY ABROAD-<\/p>\n

The US Senate approved a funding measure to reopen the federal government<\/strong>, a major step towards ending the longest shutdown on record. The bipartisan bill \u2014 passed 60-40 \u2014 includes three full-year funding measures for parts of the government, as well as stopgap funding for the rest until 30 January. The date potentially sets the stage for another shutdown next year if negotiations fall through on key issues like the Affordable Care Act.<\/p>\n

The measure will now head to the House<\/strong>, where it\u2019s poised to pass as soon as Wednesday, then land on President Trump\u2019s desk to be signed into law. (Washington Post<\/a> | Reuters<\/a> | CNN<\/a>)<\/p>\n

ALSO IN WASHINGTON, DC- <\/strong>Ahmed Al Sharaa became the first Syrian President ever to visit Washington, DC, after he met with US President Trump yesterday at the White House. The landmark talks saw Trump vow to help Syria\u2019s economy after years of war and international isolation, while the Treasury department extended its waiver of the so-called Caesar sanctions by 180 days. A full removal of sanctions on Syria would need to be passed in the Congress. (Reuters<\/a> | Semafor<\/a>)<\/p>\n

ALSO-<\/strong><\/p>\n