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EMAAR CELEBRATES THE LISTING OF USD 500 MILLION SUKUK BY RINGING NASDAQ DUBAI MARKET-OPENING BELL

Sep 30, 2019

  • Funds raised will fuel global property developer’s expansion plans
  • Listing reinforces Dubai’s growth as global capital of Islamic economy

 

Dubai, Sept 30 2019 – Mohamed Alabbar, Chairman of Emaar Properties, rang the Nasdaq Dubai market-opening bell today to celebrate the listing of a 500 million USD Sukuk.

The capital raised will support Emaar Properties’ regional and international expansion plans. The 10-year Sukuk has an annual return rate of 3.875% and is part of Emaar’s 2 billion USD bond issuance programme.

 

Mohamed Alabbar, Chairman of Emaar Properties, said: “The growth of the sukuk market has been tremendous and has helped bridge the gap in infrastructure financing particularly with projects linking to the real economy. Listing our Sukuk on Nasdaq Dubai provides our issuance with a well-regulated platform with high visibility and close links to market participants regionally and around the world.”

 

His Excellency Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market, said: “The cooperation between Emaar group and Nasdaq Dubai underlines Dubai’s strength and depth in the Sukuk sector as part of the Emirate’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 Minister, and Ruler of Dubai. Dubai will continue to develop its exchange infrastructure to serve Sukuk issuers seeking an effective listing environment.”

A 750 million US dollar Sukuk issued by Emaar Properties in 2016 is also listed on Nasdaq Dubai, as well as a 750 million US dollar Sukuk listed by Emaar Malls in 2014.

 

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “This listing by Emaar Properties underlines the strong activity that we are seeing in the Sukuk sector, with listings so far this year on Nasdaq Dubai from UAE and overseas issuers valued at a total of 8.85 billion US dollars. The exchange will maintain its strong support for Sukuk issuances for the benefit of issuers and investors and to promote successful economic development.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “We look forward to further strengthening our close collaboration with the Emaar group, in order to support its financing activities as it expands its development as one of the UAE’s most dynamic and prominent enterprises. As one of the world’s largest exchanges for Sukuk listings with a total nominal value of 58.7 billion US dollars, with 55% of that value coming from non-UAE issuers, we are preparing for further listings from a range of regional and international public and private sector issuers.”

Emaar Properties’ 500 million USD Sukuk listed exclusively on Nasdaq Dubai on September 18, 2019.

 

About Nasdaq Dubai

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

 

About Emaar Properties PJSC:

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq. ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 56,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 880,000 square metres of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Today, 46 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most visited retail and lifestyle destination, are among Emaar’s trophy developments. Emaar has now announced, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com

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