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Majid Al Futtaim celebrates listing of bond

DUBAI, October 3, 2016

Majid Al Futtaim Holding rang the market-opening bell today to celebrate the listing on Nasdaq Dubai of a $300 million tap under its existing $3 billion conventional bond programme.

The capital raised by the bond tap will support Majid Al Futtaim’s ongoing expansion in shopping malls, grocery, retail, residential communities, leisure, health and other sectors across the Middle East and Africa.

Alain Bejjani, chief executive officer at Majid Al Futtaim Holding rang the bell. The ceremony took place in the presence of Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; Hamed Ali, chief executive of Nasdaq Dubai, and senior executives from Majid Al Futtaim.

Kazim said: “Majid Al Futtaim’s bond listing underlines the continuing dynamism and development of the UAE’s corporate sector, as well as strengthening Dubai’s leadership position as the region’s capital markets hub. Dubai’s listing infrastructure is designed to support easy access to investors and a high global profile for regional as well as international issuers.”     

Bejjani said: “Majid Al Futtaim continues to report resilient financial growth despite softening economic conditions. We continue to focus on our expansion plans with a continued commitment to our investment grade credit rating and our prudent financial and risk management approaches. Our proactive funding strategy allows us to access the market at opportune times and raise finance to support our long-term strategic investment plans for the MEA region.”

The bond tap was issued by MAF Global Securities, part of the Majid Al Futtaim group, and its listing took place in July 2016. Previous issuances by MAF Global Securities which are listed on Nasdaq Dubai include a seven-year $500 million bond listed in July 2013 and the tapped instrument, a 10-year $500 million bond, listed in May 2014. – TradeArabia News Service
 




Tags: Majid Al Futtaim | bond | Nasdaq Dubai |

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