The new issue is for a period of 10 years and a return of 3.7%
Nasdaq Dubai: Starting trading on Emaar's $500 million sukuk
Bin Thaniya rings the opening bell of trading in the stock exchange.
From the source
The Chairman of the Board of Directors of Emaar Properties, Jamal Bin Thaniah, rang the opening bell of trading on Nasdaq Dubai yesterday, to celebrate the listing of $500 million sukuk issued by the company, in the presence of Ahmed Al Matrooshi, Executive Board Member of Emaar Properties, and Board Member Nasdaq Dubai management, Rashid Al Shamsi, CEO of Nasdaq Dubai, and Deputy CEO of Dubai Financial Market, Hamed Ali, in addition to a number of senior officials from both sides.
The exchange said in a statement that the issuance of this $500 million 10-year sukuk with a return of 3.7% is part of Emaar Properties' program to issue $2 billion in credit certificates exclusively listed on Nasdaq Dubai, noting that the issuance attracted remarkable interest from investors. The total value of orders exceeded $3.3 billion.
Bin Thaniah said: "The UAE in general, and Dubai in particular, has been a prominent destination that attracts various segments of investors, given the promising growth opportunities offered by the state thanks to the government's launch of many important initiatives since the outbreak of the (Covid-19) pandemic."
He added: "There is no doubt that the success of our latest sukuk issuance clearly reflects the confidence of investors in Emaar Group and the real estate market in the Emirate of Dubai. This issuance also confirms the essential role played by (Nasdaq Dubai) as a highly regulated platform within the regional and global markets."
• The issuance attracted noticeable interest from investors.
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