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Nasdaq Dubai welcomes listing of $500 million Sukuk by Emaar Properties

July 14, 2021
real estate

DUBAI, 13th July, 2021 (WAM) -- Jamal Bin Theniyah, Chairman of Emaar Properties, today rang the market-opening bell to celebrate the listing of a US$500 million Sukuk on Nasdaq Dubai.

The ceremony was attended by Ahmad Al Matrooshi, Executive Board Member of Emaar Properties; Rashid Al Shamsi, Board Member of Nasdaq Dubai; and Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of Dubai Financial Market, as well as senior executives from both sides.

The US$500 million 10-year Sukuk issuance is part of Emaar Properties’ US$2 billion Trust Certificates Issuance Programme solely listed on Nasdaq Dubai. It has been priced at 3.7 percent yield and attracted strong demand with a total value of investors’ applications exceeding US$3.3 billion.

Commenting on the announcement, Theniyah said, 'The UAE, with Dubai in particular, continues to be an attractive destination for investors due to its promising growth driven largely by a number of key Government initiatives since the onset of the pandemic. The success of our latest Sukuk issuance demonstrates major investors’ confidence in both the Emaar Group and Dubai’s real estate market.

'This Sukuk also underscores the critical role Nasdaq Dubai plays as a well-regulated platform within both regional and global markets.'

Al Shamsi, in turn, stated, 'The accelerating pace of issuance and listing from leading institutions in the UAE and beyond underscores their deep confidence in Nasdaq Dubai’s favourable ecosystem. Issuances and listings so far this year strongly reinforce Nasdaq Dubai’s status as the preferred listing venue for Sukuk and Bonds as well as its active role in realising Dubai’s strategy as one of the leading financial hubs globally.'

Ali said that this listing provides further impetus to the Exchange’s prominent status as a world-class marketplace for the listing of Sukuk and bonds in the MENA region. 'Nasdaq Dubai is continuously enhancing its infrastructure and regulations to cater to the requirements of our prominent issuers seeking to finance their growth strategies as well as to provide investors with diversified opportunities.'

The Emaar Properties Sukuk was listed on Nasdaq Dubai on 6th July 2021, taking the total value of Sukuk listings on Dubai capital markets to $78.04 billion, reinforcing its position as one of the world’s largest Sukuk listing venues.


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