Emaar celebrates listing of $500m Sukuk

Emaar celebrates listing of $500m Sukuk

By Staff Report

Published: Mon 30 Sep 2019, 6:19 PM

Last updated: Mon 30 Sep 2019, 8:21 PM

Mohamed Alabbar, chairman of Emaar Properties, rang the Nasdaq Dubai market-opening bell on Monday to celebrate the listing of a $500 million Sukuk.
The capital raised will support Emaar Properties' regional and international expansion plans. The 10-year Sukuk has an annual return rate of 3.875 per cent and is part of Emaar's $2 billion bond issuance programme.
"The growth of the sukuk market has been tremendous and has helped bridge the gap in infrastructure financing particularly with projects linking to the real economy. Listing our Sukuk on Nasdaq Dubai provides our issuance with a well-regulated platform with high visibility and close links to market participants regionally and around the world," said Mohamed Alabbar.
Essa Kazim, governor of Dubai International Financial Centre, secretary general of Dubai Islamic Economy Development Centre, and chairman of Dubai Financial Market, said: "The cooperation between Emaar group and Nasdaq Dubai underlines Dubai's strength and depth in the Sukuk sector as part of the Emirate's growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai. Dubai will continue to develop its exchange infrastructure to serve Sukuk issuers seeking an effective listing environment."
A $750 million Sukuk issued by Emaar Properties in 2016 is also listed on Nasdaq Dubai, as well as a $750 million Sukuk listed by Emaar Malls in 2014.
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: "This listing by Emaar Properties underlines the strong activity that we are seeing in the Sukuk sector, with listings so far this year on Nasdaq Dubai from UAE and overseas issuers valued at a total of $8.85 billion. The exchange will maintain its strong support for Sukuk issuances for the benefit of issuers and investors and to promote successful economic development."
Hamed Ali, chief executive of Nasdaq Dubai, said: "We look forward to further strengthening our close collaboration with the Emaar group, in order to support its financing activities as it expands its development as one of the UAE's most dynamic and prominent enterprises. As one of the world's largest exchanges for Sukuk listings with a total nominal value of $58.7 billion, with 55 per cent of that value coming from non-UAE issuers, we are preparing for further listings from a range of regional and international public and private sector issuers."
- business@khaleejtimes.com

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