DAMAC Properties rings bell to celebrate listing of $500 million Sukuk on Nasdaq Dubai
DAMAC Properties’ $500 million Sukuk listed on Nasdaq Dubai on April 20, 2017.
Hussain Sajwani, Chairman of DAMAC Properties, today rang the market opening bell to celebrate the listing of a 500 million US dollar Sukuk, issued by DAMAC Real Estate Development Limited (DRED), on Nasdaq Dubai. DRED is a wholly owned subsidiary of DAMAC Properties PJSC.
The listing on the region’s international exchange supports DAMAC Properties’ capital-raising initiative as it pursues its property development strategy, which includes a footprint that extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.
The Sukuk received strong interest from institutional investors across the Middle East, Europe and Asia. It is the second Sukuk listed by Dubai-based DAMAC Properties on Nasdaq Dubai, following a 650 million US dollar Sukuk listed by the company in April 2014.
The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of DAMAC Properties, as well as Hamed Ali, Chief Executive of Nasdaq Dubai.
Hussain Sajwani, Chairman of DAMAC Properties, said, “Our latest Sukuk listing provides valuable financial underpinning for our strategy of delivering luxury living to the region, including a development portfolio of more than 44,000 residential units at various stages of progress and planning, as well as more than 13,000 hotel rooms and hotel apartments under development. As we expand, our Nasdaq Dubai listing provides our Sukuk with excellent visibility to investors around the world as well as our own region, together with a highly respected regulatory framework. We continue to seek land acquisition opportunities in prime areas of Dubai and beyond and this funding supports our plans whilst also enabling us to remain prudent in our management of liabilities.”
His Excellency Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said, “DAMAC Properties’ strategy to raise capital through Sukuk underlines Dubai’s growth as a centre for both issuance and listing of this important asset class, drawing on the abundant Islamic finance expertise that is based in the Emirate. Sukuk play an important role in the initiative for Dubai to be the global Capital of the Islamic Economy launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.”
Dubai’s Sukuk listings have now reached a total nominal value of 53.71 billion US dollars, the highest amount of any listing venue in the world.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “We are committed to providing DAMAC Properties and its investors with the effective infrastructure that they expect in a world class listing environment. We look forward to welcoming further Sukuk that will be issued by prominent UAE, regional and international companies and other entities to fund their expansion and development strategies.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said, “As the Sukuk market continues to grow in the region and internationally by attracting a widening range of market participants, we will further enhance our pre-listing procedures and post-listing services for the benefit of issuers and investors. Nasdaq Dubai will continue to expand its Islamic finance listings and solutions, with Sukuk at the forefront of our development and innovation.