Mohamed Alabbar Rings Opening Bell To Mark Listing Of Emaars 2016 Sukuk On Nasdaq Dubai
Mohamed Alabbar, Chairman of Emaar Properties PJSC, today rang the market opening bell to mark the dual listing of a US$ 500 million (AED 1.84 billion) Sukuk by the global property developer issued in 2011 on NASDAQ Dubai.
The new listing is part of efforts aimed at reinforcing Dubai’s position as the global Sukuk centre in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai to transform Dubai into the capital of Islamic economy globally.
The bell ceremony at Dubai Financial Market (DFM) took place in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre ; HE / Essa Kazim, Chairman of DFM and Secretary General of the Dubai Islamic Economy Development Centre; Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai; and Hamed Ali, Chief Executive of NASDAQ Dubai.
Marking the first debt public offering out of the region in 2011, the US$ 500 million 5.5 years Sukuk by Emaar was very well-received. Later in 2012, Emaar listed another US$500 million Sukuk maturing in 2019 on NASDAQ Dubai. Ten times oversubscribed, the Sukuk’s success underlined Emaar’s strong value proposition and the credit standing of the company in international financial markets.
His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Board, Dubai Islamic Economy Development Centre said: “The successful issuance and listing of Emaar’s Sukuk is further evidence that Dubai is moving rapidly towards achieving the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. The listing heralds new growth in the Sharia’a capital markets as more companies and organisations are choosing to fuel their development by using the Islamic financing opportunities provided by Dubai’s sophisticated issuance and listing infrastructure.”
Mohamed Alabbar, Chairman of Emaar Properties, said: “The strong international investor interest to our international fixed-income offerings underlines the financial fundamentals of Emaar, and our ability to create long-term value for our stakeholders through world-class projects in Dubai and other international markets. The dual listing of our 2016 Sukuk on NASDAQ Dubai, an international stock exchange serving the region, highlights our commitment to support the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum to establish Dubai as the global capital of the Islamic economy and further cement the city’s status as a leading business hub. In addition to providing a world-class regulatory framework, the second listing of the well-received Sukuk here in Dubai, opens doors to a larger cross-section of investors from across the world.”
His Excellency Essa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre, said: “Islamic finance solutions are playing a growing role in the services provided by Dubai’s exchanges to issuers and investors in the region and beyond. We will maintain our drive to streamline and enhance our infrastructure to ensure that participants benefit from a transparent and efficient market, which in turn supports the growth and development of the economy as a whole.”
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “NASDAQ Dubai is delighted to provide Emaar, as one of the most prominent companies in the Middle East, with a platform to support its further expansion. We will continually optimise our admission practices and procedures to ensure we remain highly competitive as a listing venue for Sukuk as well as other asset classes.”
NASDAQ Dubai has listed 10 Sukuk since the beginning of 2013 with a total nominal value of 6.1 billion dollars.
Emirate: Dubai
Date: Feb 5, 2014
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