GEMS lists $200m sukuk on Nasdaq Dubai
Dubai, January 28, 2014
GEMS Education today (January 28) marked the listing of a Dh735 million ($200 million) sukuk on Nasdaq Dubai, with its founder and chairman Sunny Varkey ringing the market opening bell at Dubai Financial Market (DFM).
The sukuk listing by GEMS, which has focused on providing high quality education in the UAE and internationally for over 50 years, demonstrates the growing social and economic benefits provided by Islamic finance solutions in Dubai and adds further impetus to the ‘Dubai, the Capital of the Islamic Economy’ global initiative.
Dino Varkey, Group chief operating officer at GEMS Education, said: “The funding raised by our sukuk issuance enables GEMS Education to continue strengthening its commitment to educational excellence, and meeting the needs of Dubai families as the emirate continues to move into the knowledge economy.
“Our listing on Nasdaq Dubai provides us with resources to build new schools, improve education standards and help Dubai grow into a world-class city with world-class education.”
Essa Kazim, chairman of DFM and secretary general of Dubai Islamic Economy Development Centre, said: “GEMS Education’s sukuk demonstrates the versatility of the Islamic capital markets across different industries. Education has now joined sectors including banking, utilities, transport, property, retail and government, which have listed sukuk on Dubai’s exchanges over the past year.”
The nominal value of sukuk currently listed in Dubai has now reached $13.28 billion. More than 50 per cent of that sum, amounting to $6.85 billion, has come from listings that have taken place since the beginning of 2013, making Dubai the third largest centre for sukuk listings in the world. – TradeArabia News Service