Business Bureau, Gulf Today

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% and is part of Emaar’s $2 billion bond issuance programme.

Mohamed Alabbar, Chairman of Emaar Properties, said: “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.”

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, UAE Vice President and Prime Minister, 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.”