Damac Properties lists $500m sukuk on Nasdaq Dubai

second Sukuk listed by Dubai-based Damac Properties on Nasdaq Dubai,

DUBAI 5 May 2017: Hussain Sajwani, Chairman of Damac Properties, rang the market opening bell to celebrate the listing of US$500 million 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 US$650 million listing in April 2014.

damac sukuk listing

The bell ceremony took place in the presence of 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 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.”

Essa Kazim 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.”

Dubai’s sukuk listings have now reached a total nominal value of $53.71 billion, the highest amount of any listing venue in the world.

By Rajive Singh