Thursday 6 October 2022

Adib launches cloud tech equities basket note

ABU DHABI, June 4, 2018

Abu Dhabi Islamic Bank (Adib), a leading financial institution in the UAE, has launched a 100 per cent capital protected cloud technology equities basket note, designed to capture the growth in the cloud computing industry.

The investment note matures in 12 months and provides 100 per cent capital protection at maturity to minimise investment risk. The note opens for subscription until June 23, with a 30 per cent participation rate in the upside positive performance.

Customers will have the option to redeem the investment after a three-month lock-in period on a monthly basis. The note provides clients with the opportunity to invest in an equity basket of leading global IT companies, including Amazon, Microsoft, SAP, Red Hat, Oracle Corporation, and Salesforce.

Saif Alkeem, head of Wealth Management & Priority Banking at Adib, said: “Cloud technology plays a fundamental role in the global economy and nearly all companies today rely on services provided by cloud companies. This underlying basket consists of innovative companies that are either dominating or creating an impact in the cloud industry. Through this investment note, Adib is providing a unique opportunity to tap this growth, while offering the peace of mind of full capital protection.”

According to the Intelligent Data Corp., the cloud is growing seven times faster than the rest of the IT industry. By 2025, 55 per cent of large enterprises will successfully implement an all-in cloud software as a service (SaaS) strategy, PwC research says. The latest IDC forecast indicate that public cloud spending will grow almost 25 per cent this year, topping $122 billion, and the growth is set to continue up through 2020. – TradeArabia News Service

Tags: ADIB | Cloud |

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