Dubai: Emaar Properties Chairman Mohammed Alabbar yesterday rang the opening bell of the Nasdaq Dubai market to celebrate the listing of the company's $ 500 million Sukuk.
The total capital from the 10-year sukuk will support Emaar Properties' regional and global expansion plans, NASDAQ Dubai said in a statement, adding that its annual turnover of 3.875% is part of Emaar's Sukuk issuance program. Ltd., worth two billion dollars.
“The growth of the Sukuk sector globally has fundamentally bridged the core financing infrastructure gap associated with the real economy,” Alabbar said. “The listing of Emaar Sukuk in NASDAQ Dubai, which is characterized by its high regulations and clarity, provides us with a platform to facilitate Reaching regional and international investors ».
“The cooperation between Emaar Group and NASDAQ Dubai underscores the economic strength and depth that Dubai enjoys in the Islamic Sukuk sector,” said Issa Kazim, Governor of the Dubai International Financial Center (DIFC), Secretary General of the Dubai Islamic Financial Development Center (DIFC) and Chairman of the Dubai Financial Market (DFM). It is part of the emirate's growth and its emergence as the global capital of the Islamic economy. ” "This listing by Emaar Properties strengthens the activity we are witnessing in the Islamic Sukuk sector, with total listings so far this year of $ 8.85 billion from issuers," said Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai. Inside and outside the UAE. ”
NASDAQ Dubai Chief Executive Hamid Ali said: “We look forward to further strengthening our close cooperation with Emaar Group to support its financial activities as it seeks to expand its development projects as one of the most dynamic companies in the UAE.”
Emaar listed Nasdaq Dubai on a $ 750 million Sukuk issued in 2016 and Emaar Malls listed a $ 750 million Sukuk in 2014.