Nasdaq Dubai listed today (May 13) a $400 million sukuk, issued by Damac Real Estate Development Limited (DRED).

DRED is a wholly owned subsidiary of Damac Properties PJSC. The sukuk was sold to investors in the Middle East, Europe and Asia reflecting Damac Properties’ international profile. It is the third sukuk listed by Dubai-based Damac Properties on Nasdaq Dubai, following a $650 million sukuk listed by the company in April 2014 and a $500 million issuance in April 2017.

The bell ceremony took place in the presence of Hamed Ali, chief executive of Nasdaq Dubai, as well as senior representatives of Damac Properties.

Hussain Sajwani, chairman of Damac Properties, said: “Damac continues to expand its development portfolio at home and internationally, as we seek out strategic investments that would enable us to expand our footprint into key global markets. The sukuk enables us to raise capital cost effectively and our listing on Nasdaq Dubai gives our sukuk high visibility around the world together with an excellent regulatory framework.”  

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “This issuance and listing by one of the region’s leading real estate developers underlines the leading role played by Dubai as an international centre of sukuk expertise and activity, made possible by the depth and breadth of Islamic finance professionals based in the Emirate.”

Dubai’s sukuk listings have now reached a total nominal value of $59.72 billion, the highest amount of any listing venue in the world.

Hamed Ali, chief executive of Nasdaq Dubai, said: “As the sukuk market expands globally by attracting a growing range of issuers and investors from diverse backgrounds, we will further enhance our services on their behalf including before listing and post-listing activities. Nasdaq Dubai will continue to develop its Islamic finance asset classes, with sukuk at the forefront of our growth and innovation as we expand our role as the region’s international exchange.”

Damac Properties’ $400 million sukuk listed on Nasdaq Dubai on April 18, 2018. – TradeArabia News Service