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Abu Dhabi's Al Hilal Bank plans to raise USD500 million from a capital-boosting Islamic bond issue, with pricing tightening ahead of completion on Tuesday.

RIYADH, June 23 (Reuters) - Saudi Arabia&aposs National Petrochemical Co 2002.SE (Petrochem) has completed a 1.2 billion riyal ($319.9 million) debut sukuk issue, it said in a bourse filing on Monday.The Islamic bond, which has a five year lifespan, was priced at 170 basis points over the six-month Saudi interbank offered rate (Saibor).Deutsche Bank&aposs Saudi Arabian arm DBKGn.DE and the investm

The economy is picking up speed, driven by a recovery in the real estate sector, surging confidence, safe haven inflows, rising populations, easing debt and financing conditions for Dubai Inc., and a resumption of public and private project activity (encouraged by Dubai’s hosting of Expo 2020) which is boosting construction. Dubai’s traditional non-oil sectors are performing well, the UAE’s overall macroeconomic fundamentals are sound, and growth should hold at between 4-5 percent through 2015.

Oman's full-fledged Islamic insurance provider, was officially launched during a ceremony held under the auspices of H E Sheikh Abdulmalik bin Abdullah bin Ali al Khalili, Minister of Justice, at the InterContinental Muscat on Sunday.

Luxembourg hopes to adopt a bill before the summer holidays that would allow it to issue its first Islamic bond, with the AAA-rated sovereign opening the door to future sukuk issuance, a filing with the legislature said.

Many foreign owners of apartments in designated areas are not aware of the legal requirement which says that after possession flat owners must form a cooperative and pay charges annually, says a lawyer.