UAE In-Focus — Chinese bank lists $2.68 bn bonds on Nasdaq Dubai; Abu Dhabi citizens get $410m in housing benefits

DUBAI: Industrial and Commercial Bank of China Limited, the world’s largest bank by assets, listed five-tranche carbon-neutrality-themed bonds on Nasdaq Dubai on Tuesday, valued at 9.84 billion dirhams ($2.68 billion).

ICBC’s Dubai International Financial Center, Hong Kong, London and Singapore branches issued these five-tranche notes, according to the Dubai Media Office.

As a result of the new issuances, ICBC’s bonds listed on Nasdaq Dubai have reached around 16 billion dirhams and have become the largest Chinese issuer there.

Abu Dhabi citizens receive housing benefits worth 1.5 billion dirhams

The UAE President Mohamed bin Zayed Al Nahyan has decreed 1.5 billion dirhams in housing benefits for Emiratis in Abu Dhabi.

The payout covers more than 1,100 beneficiaries, including grants for houses and loans, as well as exemptions, including for retirees, Emirates Agency WAM said.

Some 2.36 billion dirhams was also allocated in housing benefits back in April, coinciding with Eid celebrations.

Three hotels to reduce carbon footprint by removing single-use plastic water bottles

By 2023, the Westin Dubai Mina Seyahi Beach Resort & Marina, Le Meridien Mina Seyahi Beach Resort & Spa and W Dubai — Mina Seyahi will be the first hotels in the region to eliminate single-use plastic water bottles from their operations.

Using reusable glass bottles and a filtration system to purify local tap water for safe consumption, the hotels plan to eliminate plastic bottle use across the Mina Seyahi Complex in collaboration with BE WTR, a sustainable water band, according to a statement.

An on-site bottling solution will be located at the Westin Dubai Mina Seyahi Beach Resort & Marina and will serve the three properties.

Hygienic systems produce still and sparkling water, the statement added.

Restaurants will be the first to use reusable glass bottles, followed by guest rooms, and finally non-guest facing areas, including employee water consumption.

As part of the initiative, glass bottles will be used to transport internationally branded water and refrigeration will be minimized for cold water.