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Nasdaq Dubai, the region’s international exchange, welcomed the listing of a $500m Sukuk on its market by Emaar Properties PJSC, the Dubai-based global property developer.
The listing is the first by Emaar on NASDAQ Dubai and constitutes the second drawdown under the company’s recently updated $2bn Trust Certificate Issuance Programme. The Sukuk’s success underlines Emaar’s strong value proposition and the credit standing of the company in international financial markets. With the listing by Emaar Properties on NASDAQ Dubai, the total nominal value of the exchange’s listed Sukuk is now $5.5bn.
Mohamed Alabbar, Chairman of Emaar Properties, said: “Our new and extremely successful Sukuk offering has gained strong investor response and is nearly ten times oversubscribed. We are honoured to list it in NASDAQ Dubai, highlighting our support to Dubai and its institutions. The process of listing is investor and issuer-friendly, which will drive stronger regional and international investor response.”