Nasdaq Dubai welcomes $500 million Sukuk by Majid Al Futtaim amid strong momentum in Islamic debt markets

Gulf Today, Staff Reporter

Nasdaq Dubai has 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. Guaranteed by Majid Al Futtaim Holding LLC, the Sukuk reinforces the Group’s commitment to accessing diverse pools of global investors through Dubai’s internationally aligned market infrastructure.

The Sukuk, maturing on 22 October 2035 with a profit rate of 4.875%, 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.

 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%. 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.

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim Holding, 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.