Funds raised will fuel global property developer’s expansion plans
Listing reinforces Dubai’s growth as global capital of Islamic economy
Mohamed Alabbar, Chairman of Emaar Properties, rang the Nasdaq Dubai market-opening bell today to celebrate the listing of a 500 million USD Sukuk.
The capital raised will support Emaar Properties’ regional and international expansion plans. The 10-year Sukuk has an annual return rate of 3.875% and is part of Emaar’s 2 billion USD bond issuance programme.
Mohamed Alabbar, Chairman of Emaar Properties, said: "The growth of the sukuk market has been tremendous and has helped bridge the gap in infrastructure financing particularly with projects linking to the real economy. Listing our Sukuk on Nasdaq Dubai provides our issuance with a well-regulated platform with high visibility and close links to market participants regionally and around the world."
His Excellency Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market, said: "The cooperation between Emaar group and Nasdaq Dubai underlines Dubai’s strength and depth in the Sukuk sector as part of the Emirate’s growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai. Dubai will continue to develop its exchange infrastructure to serve Sukuk issuers seeking an effective listing environment."
A 750 million US dollar Sukuk issued by Emaar Properties in 2016 is also listed on Nasdaq Dubai, as well as a 750 million US dollar Sukuk listed by Emaar Malls in 2014.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "This listing by Emaar Properties underlines the strong activity that we are seeing in the Sukuk sector, with listings so far this year on Nasdaq Dubai from UAE and overseas issuers valued at a total of 8.85 billion US dollars. The exchange will maintain its strong support for Sukuk issuances for the benefit of issuers and investors and to promote successful economic development."
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "We look forward to further strengthening our close collaboration with the Emaar group, in order to support its financing activities as it expands its development as one of the UAE’s most dynamic and prominent enterprises. As one of the world’s largest exchanges for Sukuk listings with a total nominal value of 58.7 billion US dollars, with 55% of that value coming from non-UAE issuers, we are preparing for further listings from a range of regional and international public and private sector issuers."
Emaar Properties’ 500 million USD Sukuk listed exclusively on Nasdaq Dubai on September 18, 2019.