Majid Al Futtaim lists $500 million sukuk on Nasdaq Dubai

Nasdaq Dubai on Monday welcomed the listing of a $500 million sukuk issued by MAF sukuk Ltd, as the company expands its engagement with Dubai’s international debt capital markets. It is guaranteed by Majid Al Futtaim Holding LLC

The sukuk, maturing on 22 October 2035 with a profit rate of 4.875 per cent, attracted robust investor demand, with an order book exceeding $2 billion. Rated ‘BBB’ by both S&P and Fitch, the issuance will support Majid Al Futtaim’s general corporate purposes and refinancing plans.

Recommended For You

3 killed in shooting at Australia lakeside town, gunman at large

Sharjah Islamic Bank proposes 20% cash dividend as it posts net profit of Dh1.3 billion for 2025 

Explained: NCM official breaks down the latest cold wave across UAE, parts of the world

Trump launches his Board of Peace, says it will work 'in conjunction' with UN

Goldman Sachs raises 2026-end gold price forecast by $500 to $5,400/oz

 

This listing follows the company’s successful hybrid bond issuance, which was oversubscribed more than five and a half times and priced at 5.75 per cent. The strong momentum across both instruments reflects investor confidence in Majid Al Futtaim’s financial strength, diversified operations, and disciplined capital management strategy.

To mark the listing, Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim Holding, rang the market-opening bell at Nasdaq Dubai, alongside Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), and senior representatives from both organisations.

Ismail said: “Our recent sukuk issuance on Nasdaq Dubai stands as a clear testament to Majid Al Futtaim’s growth, the resilience of our credit profile, and the enduring confidence global investors place in our business. The strong order book and robust investor demand reflect our track record in international capital markets for over a decade, anchored by our commitment to building an investment-grade profile and maintaining disciplined capital allocation. Achieving the closest spread in our history underscores investor trust and the strength of our financial position, as we continue leveraging Dubai’s world-class market infrastructure to access global capital and drive future growth.”

Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “Majid Al Futtaim’s latest sukuk listing reflects the continued strength of regional corporates in attracting global capital and highlights Dubai’s position as a leading marketplace for Islamic finance. The strong investor response reinforces the trust placed in issuers that demonstrate sound financial management and long-term resilience. Nasdaq Dubai remains committed to providing an efficient, internationally recognised platform that connects issuers with a diverse global investor base.”

With this latest listing, Majid Al Futtaim now has $2.2 billion in sukuk listed on Nasdaq Dubai across four issuances, further cementing its position as a leading participant in the region’s debt capital markets. The sukuk contributes to the expanding pipeline of regional and international issuers leveraging Dubai’s markets to access global capital.

The listing also lifts the total outstanding value of debt securities on Nasdaq Dubai to over $145 billion, reinforcing the exchange’s status as the region’s premier platform for international fixed-income instruments and cross-border capital flows.

Somshankar Bandyopadhyay

• 

somshankar@khaleejtimes.com

Somshankar Bandyopadhyay is a News Editor with close to three decades of experience. Currently, he manages the business section, ensuring that the top economic and business news of the day reaches its readers.