As per a CBUAE report, the Central Bank of the UAE's foreign assets climbed by 1.1 % to Dhs392.4 billion towards the conclusion of the first quarter of this year.

The top bank attributed the gain mostly to Dhs85.9 billion in quarterly rises in foreign securities and other foreign assets of 25.7 % (Dhs9.2 billion), which outweighed a 26.1% decrease in current account balances and deposits with banks overseas (Dhs90.7 billion).

As per the report, Central Bank Foreign Assets grew by 0.4 % year on year from March 2020 to March 2021.

In terms of the country's twin bourses, the research stated that Abu Dhabi's quarterly average Financial Market Index increased by 17% within the first quarter of 2021. The average quarterly market capitalization of businesses listed on the Abu Dhabi Securities Exchange (ADX) increased by Dhs101 billion, reaching Dhs826.7 billion towards the end of the first quarter of 2021.

The Quarterly Traded Value increased by 74.7 % to Dhs50.3 billion in the first quarter of 2021. However, the Abu Dhabi Financial Market Index lost 3.3 % year on year.

Within the first quarter of 2021, Dubai's quarterly average Financial Market Index increased by 9.2%.  The average quarterly market capitalization of firms listed on the Dubai Financial Market (DFM) climbed by Dhs25.2 billion, reaching Dhs 353.9 billion towards the end of the first quarter of 2021. During the first quarter of 2021, the quarterly traded value increased by 4.8 % to Dhs 15.4 billion. The Dubai Financial Market Index fell by 14.1 % year on year.

Money Supply M1, which includes Currency in Circulation outside Banks (Currency Issued - Cash at Banks) and Monetary Deposits, grew by 7.1 % year on year in the first quarter of 2021. The monetary aggregate M1 increased by 18.4 % year on year, reaching Dhs642.3 billion at the end of March 2021.

Money Supply M2 (M1 plus Quasi Monetary Deposits (Resident Time and Savings Deposits in Dirham, plus Resident Deposits in Foreign Currencies)) grew by 0.6 % QoQ in the first quarter of 2021.

Money Supply M2 rose by 2.2 % year on year, reaching Dhs1,487.5 billion at the end of the first quarter of 2021. In the first quarter of 2021, the Money Supply M3 (M2 plus government deposits at banks and the Central Bank) dropped by 0.2 % year on year.

Money Supply M3 increased by 3.1 % year on year, reaching Dhs1,766.4 billion towards the end of March 2021.

Generally, the money supply M2 is considered the best predictor of the availability of liquidity in the economy, as it includes currency in circulation outside banks, and numerous deposits of all resident industries in dirham denomination, except for government sector reserves in the UAE.

As per statistical statistics, there had been a QoQ rise in M2 at the end of the first quarter of 2021. The growth in M2 in the first quarter of 2021 was mostly attributable to a 0.6 % quarterly gain in non-government resident deposits, which amounted to Dhs1,391.6 billion towards the end of March 2021.

A renowned financial institution, Abu Dhabi Islamic Bank (ADIB), has offered structured Islamic funding to Rasmala Long Income Fund to assist the purchasing of a supermarket venture in Hattersley, Greater Manchester.

The property, which was built in 2012, is 100,365 square feet in size and is leased to Tesco Stores Limited (the UK's largest supermarket chain) on a 25-year full mending and insuring lease with 15.8 years remaining (with no tenant break options) at a rent of £1.46 million (Dhs 7.59 million) per annum, subject to 5 yearly index-linked upwards solely on rent assessment.

“We are overjoyed to have assisted Rasmala on their newest transaction,” said Paul Maisfield, Head of UK Real Estate at ADIB. There are significant synergies between our financing product and the Long Income Fund's aims of generating income and capital growth through investment in a diverse portfolio of real estate assets benefiting from safe income earned from long leases in Sharia in a compliant way.

Mostly during the pandemic, the UK food market displayed significant resilience, giving a stable investment choice for our customers seeking long-term income stability, especially during a time when risk tolerance has diminished in the face of an economic downturn. We are excited to continue assisting Rasmala with the implementation of their UK commercial real estate investment approach.”

“Tesco superstore is a wonderful addition to Rasmala's European real estate portfolio, boosting our real estate AUMs to over USD 1 billion,” said Eric Swats, Senior Executive Officer of Rasmala. We are thrilled to be collaborating with ADIB and aiming forward to widen our worldwide real estate portfolio with them.”

ADIB has a remarkable track record of providing innovative and competitive Sharia-compliant property financing solutions to its customers, having amassed a portfolio of funding assets in the UK valued more than AED 2 billion (£400 million) over the previous three years.

Rasmala Long Income Fund was founded in 2018 and has a diverse portfolio of real estate assets spanning the UK, Europe, and North America, with a current Net Asset Value above $250 million.