APICORP lists $500 million Sukuk on Nasdaq Dubai
Nasdaq Dubai, the region’s international stock exchange, has welcomed the listing of a $500 million Sukuk by APICORP, the multilateral development bank established to foster the development of the Arab world’s oil and gas industries.
The transaction is APICORP’s second Sukuk listing on Nasdaq Dubai, following a $500 million listing in January 2016. The Sukuk was issued under a $3 billion Sukuk programme that the company announced in 2015, aimed at diversifying its funding sources and reducing its overall cost of financing.
APICORP’s activities include equity investment, debt financing, financial advisory and energy research services.
Sukuk listings in the Emirate current totals at $52.97 billion. 11 Sukuk listings have taken place so far in 2017 on Nasdaq Dubai with a total value of $10.25 billion.