Majid Al Futtaim, a leading shopping mall and leisure pioneer, today (May 15) rang the market-opening bell at Nasdaq Dubai to mark the listing of the world’s first benchmark corporate Green Sukuk and the first Green Sukuk issued by a corporate in the region.
Valued at $600 million and with a tenor of 10 years, the Green Sukuk is testament to Majid Al Futtaim’s long term commitment to support the transition to a low carbon economy. The investment will be used to finance and refinance Majid Al Futtaim’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency.
To mark the occasion, Alain Bejjani, chief executive officer at Majid Al Futtaim - Holding, rang the market-opening bell in the presence of Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Islamic Economy Development Centre (DIEDC), Hamed Ali, chief executive of Nasdaq Dubai and members of Majid Al Futtaim’s leadership team.
Bejjani said: “This issuance will enable Majid Al Futtaim to deliver more sustainable experiences for our customers and to address the implications of climate change. As we progress on our sustainability journey, we are extremely proud to list the world’s first benchmark corporate Green Sukuk and look forward to identifying and pioneering innovative ways to meet our ambition to be Net Positive by 2040.
“The widespread interest from global investors in the bond indicates their confidence in our ESG rating, BBB credit rating, and prudent financial and risk management approach. Investors’ faith in our vision empowers us to continue on our path to become one of the most environmentally sustainable companies within our industries.”
Essa Kazim said: “Majid Al Futtaim’s Green Sukuk listing reflects the forward-looking and progressive outlook of Dubai’s leading businesses and the vitality of its capital markets infrastructure. The listing further supports Dubai’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 Minster, and Ruler of Dubai.”
With the Green Sukuk listing, the value of all debt instruments listed on Nasdaq Dubai by Majid Al Futtaim has reached $2.4 billion. The company’s other listings comprise one Sukuk of $500 million that listed in 2015, and two conventional bonds of $500 million each that listed in 2013 and 2014 respectively, and a $300 million tap on the 2014 bond that listed in 2016. – TradeArabia News Service