Dubai Financial Market (DFM) on Wednesday welcomed the listing of $750 million sukuk by the government of Dubai. The issue, which has a 15-year lifespan, matures in 2029.

With this new listing, the total value of sukuks listed on Dubai capital markets has risen to $20.38 billion.

DFM chairman and secretary general of the Dubai Islamic Economy Development Centre Essa Kazim said the listing underlines the accelerating pace of efforts aimed at reinforcing Dubai’s position as the capital of Islamic economy and global sukuk centre.

Dubai is the world’s third largest venue for sukuk listings and this listing raises the total value of sukuk listed on Dubai capital markets to US$ 20.38 billion,” stated Kazim.

The new issue will be OTC traded and settled through Clearstream and Euroclear, not DFM, he added.-TradeArabia News Service