Majid Al Futtaim rings market-opening bell to celebrate listing USD 300 million bond on Nasdaq Dubai
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim-Holding, rang the market-opening bell today to celebrate the listing on Nasdaq Dubai of a USD300 million tap under its existing USD 3 billion conventional bond programme.
The capital raised by the bond tap will support Majid Al Futtaim’s ongoing expansion in shopping malls, grocery, retail, residential communities, leisure, health and other sectors across the Middle East and Africa.
The bell-ringing ceremony took place in the presence of His Excellency Essa Kazim,Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; Hamed Ali, Chief Executive of Nasdaq Dubai, and senior executives from Majid Al Futtaim.
HE Essa Kazim, Governor of DIFC and Chairman of DFM, said: “Majid Al Futtaim’s bond listing underlines the continuing dynamism and development of the UAE’s corporate sector, as well as strengthening Dubai’s leadership position as the region’s capital markets hub. Dubai’s listing infrastructure is designed to support easy access to investors and a high global profile for regional as well as international issuers.”
Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, said: “Majid Al Futtaim continues to report resilient financial growth despite softening economic conditions. We continue to focus on our expansion plans with a continued commitment to our investment grade credit rating and our prudent financial and risk management approaches. Our proactive funding strategy allows us to access the market at opportune times and raise finance to support our long-term strategic investment plans for the MEA region.
The bond tap was issued by MAF Global Securities, part of the Majid Al Futtaim group, and its listing took place in July 2016. Previous issuances by MAF Global Securities which are listed on Nasdaq Dubai include a 7 year USD 500 million bond listed in July 2013 and the tapped instrument, a 10 year USD 500 million bond, listed in May 2014
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “The exchange will maintain its focus on increasing the depth of its debt capital markets as well as expanding other asset classes. Through its commitment to best practices and innovation, Nasdaq Dubai is an effective platform for issuers to raise capital and expand their business.”Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As more regional and global debt issuers seek a listing on the region’s international exchange, we will continue to enhance our listing processes to respond flexibly to their needs. We will also further strengthen our post-listing services on behalf of issuers including custody and transfer of securities.”