06 August 2015
Abu Dhabi - Dunia Finance (dunia), which was founded in 2008, is pleased to announce that its Long Term Issuer Default Rating (IDR) has been upgraded to BB from BB- by the international ratings agency, Fitch Ratings. The upgrade follows Fitch's second 2015 peer review of the UAE banking sector. Fitch also affirmed dunia's short-term IDR at B.

As part of their announcement on 5th August 2015, Fitch has stated that the key drivers behind dunia's ratings uplift reflect the company's improved funding profile, diversification of existing bank lines, growing franchise, and additional year of track record.

Fitch also states that dunia is a non-bank financial institution and the ratings do not factor in any state or institution support. Its IDRs reflect strong loan growth, a track record of seven years and dependence on rate-sensitive concentrated corporate deposits. They also consider dunia's strong current capital ratios, sound profitability, adequate asset quality, solid financials and prospects and capable management.  A copy of Fitch's press release on dunia's rating upgrade is available on Fitch Ratings' website.

Commenting, Rajeev Kakar, CEO and Managing Director of dunia, said: "We are pleased to have received an upgrade to our long term issuer rating. Our financial performance over the last seven years has been both strong and sustainable. This is the result of an unrelenting focus on our customers and our continued investment in talent, brand, products, technology and services. At the same time, we have been careful to manage our balance sheet and risk profile, maintaining high levels of capital adequacy and improving efficiencies. Our approach has worked and enabled us to grow, support the local people and communities we serve, whilst still returning strong returns to our shareholders."

-Ends-

About Dunia
Dunia is an Abu Dhabi headquartered finance company operating in the UAE. It is a strategic investment and alliance created by a group of leading players namely:

•Mubadala - a wholly owned investment vehicle of the Government of the Emirate of Abu Dhabi

•Fullerton Financial Holdings - a wholly owned subsidiary of Temasek Holdings in Singapore

•Waha Capital - a holding company engaged in owning, selling, leasing and investing in various types of fixed and movable assets worldwide

•A.A. Al Moosa Enterprises - one of the leading business groups in the UAE 

Dunia aims to focus nationally on the key Mass Affluent and Mass Market segments in the Consumer Financial services side, and on the SME and Small business customers on the Business Finance side. Through a nationwide presence in the UAE, dunia provides a full-function product range, including a secured and unsecured loans, credit cards, financial planning services, deposits, financial guarantees and payroll processing for non-individual customers.

Dunia is unique in its use of a customer-centric approach that aims to deliver a differentiated, yet relevant and unique value proposition that caters to the holistic product, convenience, experience, and service expectations of people in the UAE. All this is delivered sustainably and predictably to customers through processes and a proposition that is supported by investment in state-of-the-art technology and capabilities; and through partnerships with service providers who excel in their individual areas of expertise. Dunia is led by a senior management team comprising of talented and seasoned business leaders with significant global experience.

Dunia means 'the world' in Arabic and in several other languages spoken in the UAE. Dunia aims to offer its customers a world of opportunities.

For further information please contact:
Mariam Elsamny, Head of Corporate Affairs, Dunia Finance
Email: mariamelsamny@dunia.ae
Tel: +971 528559555

Media Contact:
Sam Turvey, Bell Pottinger
Email: sturvey@bellpottinger.com
Tel: +971 555597383

© Press Release 2015