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Adil Taqi, Group Chief Financial Officer of DAMAC Properties, today rang the market opening bell to celebrate the listing of a 400 million US dollar Sukuk, issued by DAMAC Real Estate Development Limited (DRED), on Nasdaq Dubai. DRED is a wholly owned subsidiary of DAMAC Properties PJSC.
The listing on the region’s international exchange supports DAMAC Properties’ capital raising programme for general corporate purposes and its ongoing growth strategy, as it continues to extend its footprint in the Middle East and beyond with projects in the UAE, Saudi Arabia, Jordan, Lebanon and Oman as well as the UK.
The Sukuk was sold to investors in the Middle East, Europe and Asia reflecting DAMAC Properties’ international profile. It is the third Sukuk listed by Dubai-based DAMAC Properties on Nasdaq Dubai, following a 650 million US dollar Sukuk listed by the company in April 2014 and a 500 million US dollar issuance in April 2017.
The bell ceremony took place in the presence of Hamed Ali, Chief Executive of Nasdaq Dubai, as well as senior representatives of DAMAC Properties.
Hussain Sajwani, Chairman of DAMAC Properties, said: “DAMAC continues to expand its development portfolio at home and internationally, as we seek out strategic investments that would enable us to expand our footprint into key global markets. The Sukuk enables us to raise capital cost effectively and our listing on Nasdaq Dubai gives our Sukuk high visibility around the world together with an excellent regulatory framework.”
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “This issuance and listing by one of the region’s leading real estate developers underlines the leading role played by Dubai as an international centre of Sukuk expertise and activity, made possible by the depth and breadth of Islamic finance professionals based in the Emirate. Sukuk are an important pillar of the initiative positioning Dubai to be the global Capital of the Islamic Economy launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.”
Dubai’s Sukuk listings have now reached a total nominal value of 59.72 billion US dollars, the highest amount of any listing venue in the world.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As the Sukuk market expands globally by attracting a growing range of issuers and investors from diverse backgrounds, we will further enhance our services on their behalf including before listing and post-listing activities. Nasdaq Dubai will continue to develop its Islamic finance asset classes, with Sukuk at the forefront of our growth and innovation as we expand our role as the region’s international exchange.”
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