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Business Home > Nation
 
Majid Al Futtaim Holding lists $400m sukuk on Nasdaq Dubai

Staff Report / 22 October 2013

Committee for Development of Islamic Economy welcomes listing

Majid Al Futtaim Holding on Monday listed its $400 million sukuk on the Middle East’s international financial exchange — Nasdaq Dubai. 

The company’s chief executive Iyad Malas rang the opening bell at Dubai Financial Market (DFM) to celebrate the listing of a sukuk, which issued in July. The listing brought the nominal value of sukuk listed on Dubai’s exchanges to $11.08 billion, the third largest total in the world. It was the sixth listing of 2013 and brought the total value of new sukuk listings in Dubai this year to $4.4 billion.

Mohammed Abdulla Al Gergawi, Iyad Malas, Essa Kazim, Abdul Wahed Al Fahim and other top executives at the listing of Majid Al Futtaim Holding’s $400 million sukuk on Nasdaq Dubai. — Supplied photo

Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Chairman of the Higher Committee for Development of the Islamic Economy sector; Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Committee; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Daniele Vecchi, senior vice-president, Group Treasury, Majid Al Futtaim Holding, also present on the occasion.

“Majid Al Futtaim’s sukuk listing represents a new addition to the successes of the ‘Dubai, The Capital of the Islamic Economy’ initiative. The committee will strengthen its activities aimed at expanding the Islamic initiative further, to increase the prosperity and wellbeing of the people of the UAE and the region as well as taking all necessary steps to realise the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum to position the emirate as the Capital of Islamic Economy globally, under the direct supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the patron of the initiative for developing the Islamic Economy in Dubai,” Mohammed Abdulla Al Gergawi said.

Founded in 1992, Majid Al Futtaim Holding is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, with operations in 12 countries and over 24,000 employees. It has the highest credit rating (BBB) among privately-held corporates in the Middle East. Iyad Malas said: “As a leading Dubai-based shopping, retail and leisure company with interests across Mena, we are delighted to list our securities on Nasdaq Dubai as the international exchange serving the region. Dubai’s expansion as a globally recognised centre for Islamic securities in particular makes the exchange a natural choice for our sukuk, by enhancing its visibility to investors.”

Essa Kazim said: “Dubai’s exchanges will continue to expand their range of Islamic finance listings and solutions, with sukuk at the forefront of development and innovation. The listing of Majid Al Futtaim’s sukuk further demonstrates the ability of Dubai’s financial markets to meet the regulatory and visibility requirements of leading multinational companies.”

Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds) and conventional bonds.

Abdul Wahed Al Fahim said: “The sukuk listing by Majid Al Futtaim, as a leading player in the UAE and regional economy, underlines the rapid expansion of Dubai as the venue of choice for listing fixed income securities. We will continue to enhance our services for  UAE, regional and international Sukuk issuers including  custody and transfer as well as listings.” 

Also attending the bell-ringing ceremony were Ahmed bin Brek, deputy chief executive of Majid Al Futtaim Holding; George Kostas, chief executive of Majid Al Futtaim Properties; Ahmed Ismail, chief executive of Majid Al Futtaim Ventures; and Shrimati Damal, vice-president and deputy treasurer of Majid Al Futtaim Holding.       

Global Sukuk issuance reached $28 billion in the second quarter of 2013, an increase of 14.6 per cent from $24.4 billion in the same quarter of 2012, according to Zawya.

— muzaffarrizvi@khaleejtimes.com

 

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