DUBAI 16 May 2019: Majid Al Futtaim yesterday rang the market-opening bell at Nasdaq Dubai to mark the listing of the world’s first benchmark corporate green sukuk and the first green sukuk issued by a corporate in the region.
Valued at US$600 million and with a tenor of ten years, the green sukuk will be used to finance and refinance company’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency.
Alain Bejjani, CEO of Majid Al Futtaim – Holding, rang the market-opening bell in the presence of Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Islamic Economy Development Centre, Hamed Ali, Chief Executive of Nasdaq Dubai and members of Majid Al Futtaim’s leadership team, said Wam.
With the Green Sukuk listing, the value of all debt instruments listed on Nasdaq Dubai by Majid Al Futtaim has reached $2.4 billion. The company’s other listings comprise one sukuk of $500 million that listed in 2015, and two conventional bonds of $500 million each that listed in 2013 and 2014 respectively, and a $300 million tap on the 2014 bond that listed in 2016.
In preparation for the issuance of the green sukuk, Majid Al Futtaim recently established a Green Finance Framework and a Green Finance Steering Committee, which will oversee the selection of new and existing projects for the green portfolio.
