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HE Mohammed Al Gergawi attends the bell-ringing ceremony to celebrate the listing on NASDAQ Dubai of AED 2.57 billion Sukuk issued by DIFC Investments

PUBLISHED ON 24-Nov-2014
HE Mohammed Al Gergawi attends the bell-ringing ceremony to celebrate the listing on NASDAQ Dubai of AED 2.57 billion Sukuk issued by DIFC Investments
  • HE Essa Kazim rings bell highlighting exchange’s support for success of Sukuk issuance
  • Exchange’s international profile provides Sukuk with close links to global investors

His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre (DIEDC) today attended the market-opening bell-ringing ceremony to celebrate the listing on NASDAQ Dubai of a 700 million US dollar (AED 2.57 billion) Sukuk issued by DIFC Investments.

The listing reinforces Dubai’s status as one of the three largest venues in the world for Sukuk listings, with a current nominal value totaling 24.05 billion dollars. More than half of this amount, or 12.8 billion dollars, has listed in 2014, supporting the robust growth of Dubai as the global capital of Islamic Economy.

His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), rang the bell in the presence of other senior executives of DIFC, Dubai Financial Market (DFM) and NASDAQ Dubai.

His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, and Chairman of the Board, DIEDC, said: “The listing of this Sukuk by the investment arm of the DIFC, on the financial exchange that is based inside the DIFC, highlights the culture of capital markets collaboration that exists within the financial centre, and in Dubai as a whole. It also represents a significant step in Dubai’s progress towards becoming the global Capital of Islamic Economy, under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, which is overseen by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.”

His Excellency Essa Kazim, Governor of the DIFC and Secretary General of DIEDC, as well as Chairman of Dubai Financial Market, said: “DIFC Investments’ choice of NASDAQ Dubai for its Sukuk listing provided important support for the success of the issuance, which was oversubscribed 4.3times following a roadshow in the Middle East, Europe and East Asia. The continued expansion of the exchange and its close links to international and regional investors are set to play a growing role in the success of the DIFC in coming years in Islamic as well as conventional finance.”

DIFC is home to more than 1,100 active registered companies. These include DP World, which listed on NASDAQ Dubai in 2007 after carrying out what was then the Middle East’s largest IPO at 4.96 billion US dollars.

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “We will continually enhance the framework that we provide to issuers and investors, to ensure that we are in step with their evolving need for an efficient and transparent listing and trading infrastructure. From its base in the DIFC, the exchange is committed to fulfilling its role as a capital markets centre for the region as well as a bridge to markets globally.”

Hamed Ali, Chief Executive of NASDAQ Dubai, said: “As the exchange expands its Islamic finance initiatives, we look forward to listing more Sukuk issued by regional and international entities, as well as developing other services for market participants who seek Sharia’a-compliant solutions. These include a range of efficient trading and post-trading activities.”

DIFC Investments listed its Sukuk on NASDAQ Dubai on November 13, 2014.

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