Nasdaq Dubai, the region’s international stock exchange, today welcomed the listing of a $500 million Islamic bond (sukuk) by Arab Petroleum Investments Corporation (Apicorp), a Saudi-based multilateral bank owned by the Arab states.

This is Apicorp’s second sukuk listing on Nasdaq Dubai, following a $500 million listing in January last year.

Dubai is a leading international centre for sukuk activity, with the Islamic bonds listings in the emirate currently totalling $52.97 billion. Eleven sukuk listings have taken place so far this year on Nasdaq Dubai worth $10.25 billion.

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, sukuks, conventional bonds and Real Estate Investment Trusts (REITS).

The Apicorp sukuk has been issued under a three billion US dollar Sukuk programme that the company announced in 2015, aimed at diversifying its funding sources and reducing its overall cost of financing.

The Saudi-based bank’s activities include equity investment, debt financing, financial advisory and energy research services.-TradeArabia News Service