Majid Al Futtaim Holding issued a $500m sukuk listing in Nasdaq Dubai, according to a Nasdaq Dubai press statement.
The statement said the listing brings the total value of sukuk (Islamic bonds) listings on the exchange during 2015 to $13.25bn, which is more than the total value listed during the year on the next three largest exchanges in the world combined.
Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Secretary General of Dubai Islamic Economy Development Centre (DIEDC), said Majid Al Futtaim’s listing underlines Dubai’s position as the leading centre for sukuk listings and its expansion as the global Capital of Islamic Economy.
“With Majid Al Futtaim’s listing, which took place on 4 November, the total nominal value of sukuk listed in Dubai has reached $36.8bn, more than any other exchange in the world,” the statement read. “The sukuk is the second to be listed by Majid Al Futtaim on the exchange, following a $400m listing in 2013.”
Alain Bejjani, CEO of Majid Al Futtaim Holding, said the capital raised by the company’s sukuk will drive Majid Al Futtaim’s expansion and growth plans in new markets across the MENA region.
Bejjani added that the listing on Nasdaq Dubai enhances the company’s sukuk visibility to regional as well as global investors, and provides an efficient regulatory framework that operates to global standards.
Majid Al Futtaim Holding is a leading shopping mall, retail and leisure pioneer across the MENA region, with assets worth more than $12.5bn. Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia.