Mr. Richard Groves, Chief Executive Officer of Ahli United Bank (AUB) Kuwait rang the market-opening bell today to celebrate the listing on Nasdaq Dubai of a USD 200 million Sukuk.

The listing underlines Dubai’s status as the global leader for Sukuk listings, with a total nominal value of USD 45.75 billion from issuers in the GCC and beyond. As the third Kuwait listing on Nasdaq Dubai, it also reflects the growing capital markets ties between Kuwait and the UAE.

The bell-ringing ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM); Mr. Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and  Mr. Hamed Ali, Chief Executive of Nasdaq Dubai. Senior representatives from Ahli United Bank included Mr. Richard Groves, CEO of AUB Kuwait, Mr. Moataz El Rafie, Senior Deputy CEO of AUB Kuwait and Mr. CB Ganesh, CEO of AUB Dubai.

HE Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said, “Ahli United Bank Kuwait’s decision to list its Sukuk in Dubai reinforces the traditional financial ties between Kuwait and the UAE, which play an important role in regional economic cooperation and prosperity. The Sukuk strengthens the growth of Dubai 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 Minster, and Ruler of Dubai.”

Mr. Richard Groves, CEO of Ahli United Bank Kuwait said, “AUB Kuwait’s Sukuk has achieved considerable success, reflecting the Bank’s position as a leading Islamic financial institution in Kuwait. With strong demand from investors in the Middle East, Asia and Europe, the Sukuk was more than three times oversubscribed, reflecting the confidence the market has in the issuance and in the economic climate in Kuwait, and in the region. Nasdaq Dubai’s platform strengthens our links with a wide range of regional and international markets in a respected listing environment regulated to international standards.”

Mr. Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Dubai’s role as a centre of excellence for listing Islamic instruments is poised for further expansion, drawing on the growing expertise in the sector based in the Emirate, and its commitment to further development. Nasdaq Dubai will introduce further product development across the Islamic capital markets to meet the needs of issuers and investors.”

Mr. Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq Dubai is pleased to welcome Ahli United Bank to our exchange and we congratulate the Bank’s exceptional team for concluding a successful transaction and listing. As an international platform, we are keen to attract leading companies from Kuwait that appeal to our regional and international investor networks.”

“We strongly believe that the visibility offered through a listing with Nasdaq Dubai will enhance the international appeal of issuers from Kuwait and the wider region. Kuwait has a number of internationally attractive company stories and we look forward to being their platform of choice.”