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NASDAQ Dubai welcomes US$ 500 million Emaar Sukuk to its market

PUBLISHED ON 19-Jul-2012
NASDAQ Dubai welcomes US$ 500 million Emaar Sukuk to its market
  • First Sukuk listing by Emaar on NASDAQ Dubai, the region’s international exchange
  • Listing is landmark that strengthens region’s capital markets
  • Emaar welcomes successful capital-raising from international and regional investors

NASDAQ Dubai, the region’s international exchange, today welcomed the listing of a US$ 500 million Sukuk on its market by Emaar Properties PJSC, the Dubai-based global property developer.

The listing is the first by Emaar on NASDAQ Dubai and constitutes the second drawdown under the company’s recently updated US$ 2 billion Trust Certificate Issuance Programme. The Sukuk’s success underlines Emaar's strong value proposition and the credit standing of the company in international financial markets. With the listing by Emaar Properties on NASDAQ Dubai, the total nominal value of the exchange’s listed Sukuk is now US$ 5.5 billion.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Our new and extremely successful Sukuk offering has gained strong investor response and is nearly ten times oversubscribed. We are honoured to list it in NASDAQ Dubai, highlighting our support to Dubai and its institutions. The process of listing is investor and issuer-friendly, which will drive stronger regional and international investor response.”

Jeff Singer, Chief Executive of NASDAQ Dubai, said: “This substantial debt listing on home soil by one of the Middle East’s most prominent companies is a significant step in the expansion of the region’s capital markets. NASDAQ Dubai provides Sukuk issuers with a unique listing venue, combining its location in the Middle East with international standards of regulation and global visibility. This listing demonstrates that there is no need for issuers to list debt on international markets outside the region.”

As regional and international companies expand their issuance of Sukuk to raise capital, NASDAQ Dubai looks forward to hosting further listings from public and private issuers in the region and beyond. Global Sukuk issuance reached US$ 67.9 billion in the first half of 2012, up 36% from the same period of 2011, according to NASDAQ Dubai figures.

The Sukuk was admitted to NASDAQ Dubai’s market together with the listing by the Dubai Financial Services Authority (DFSA), the listing authority in the Dubai International Financial Centre (DIFC). The Sukuk structure involves trust certificates issued by Emaar Sukuk Ltd. Emaar Properties PJSC is the seller and lessee.

The yield on the HSBC/NASDAQ Dubai US Dollar NASDAQ Dubai-Listed Sukuk Index has fallen to 4.92% from 6.45% at the beginning of 2012.

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