Damac, a leading property developer, today celebrated the listing of a $650 million sukuk on Nasdaq Dubai.

Hussain Sajwani, the executive chairman and chief executive of Damac, rang the bell to signal the listing.

The listing raises the value of sukuk that have listed on Nasdaq Dubai so far in 2014 to $6.35 billion. Dubai is the world’s third largest venue for Sukuk listings, with a total of $19.63 billion.
 
The bell ceremony at Dubai Financial Market (DFM) took place in the presence of Essa Kazim, chairman of DFM and secretary general of the Dubai Islamic Economy Development Centre; Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; Hamed Ali, chief executive of Nasdaq Dubai; and Abdulla Al Awar, chief executive of the Dubai Islamic Economy Development Centre.

Essa Kazim said: “Dubai is making rapid progress towards becoming the international sukuk centre by attracting listings from prominent issuers such as Damac, supported by its ample infrastructure following the implementation of significant enhancements to its regulatory and commercial framework for Sukuk. The growth of the Sharia’a capital markets is a key element in the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.”

Hussain Sajwani said:  “As the international exchange in the Middle East, Nasdaq Dubai offers Damac global visibility and first class regulatory standards from a venue in the region where we are based. Our sukuk listing provides a strong underpinning for our expansion plans, including acquiring land to strengthen our high-end and luxury development activities.”    

The sukuk issued by Damac Real Estate Development was more than four times oversubscribed and was placed with institutional investors across Europe, the Middle East and Asia.

Abdul Wahed Al Fahim said: “The exchange is committed to providing Damac and its investors with the responsive framework they expect in a world class listing environment. Nasdaq Dubai will continue to streamline its admissions infrastructure and post-listing services in order to compete with and exceed best international practices.” - TradeArabia News Service