Damac celebrates $400m sukuk listing on Nasdaq Dubai

Damac officials at bell ringing ceremony to celebrate $400 million sukuk listing. - Supplied photo

Adil Taqi, group chief financial officer of Damac Properties, on Sunday rang the market opening bell to celebrate the listing of a $400 million sukuk, issued by Daamc Real Estate Development Limited (DRED), on Nasdaq Dubai. 
DRED is a wholly owned subsidiary of Damac Properties. 
The listing on the region's international exchange supports Daamc Properties' capital raising programme for general corporate purposes and its ongoing growth strategy, as it continues to extend its footprint in the Middle East and beyond with projects in the UAE, Saudi Arabia, Jordan, Lebanon and Oman as well as the UK.
Daamc Properties' $400 million sukuk was listed on Nasdaq Dubai on April 18, 2018. It is the third Sukuk listed by Damac Properties on Nasdaq Dubai, following a $650 million sukuk listed by the company in April 2014 and a $500 million issuance in April 2017. The sukuk was sold to investors in the Middle East, Europe and Asia reflecting Daamc Properties' international profile.
The bell ceremony took place in the presence of Hamed Ali, chief executive of Nasdaq Dubai, as well as senior representatives of Damac Properties.  Hussain Sajwani, chairman of Daamc Properties, said: "Damac continues to expand its development portfolio at home and internationally, as we seek out strategic investments that would enable us to expand our footprint into key global markets. The sukuk enables us to raise capital cost effectively and our listing on Nasdaq Dubai gives our sukuk high visibility around the world together with an excellent regulatory framework."  
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said this issuance and listing by one of the region's leading real estate developers underlines the leading role played by Dubai as an international centre of sukuk expertise and activity, made possible by the depth and breadth of Islamic finance professionals based in the Emirate. 
"Sukuk are an important pillar of the initiative positioning Dubai to be the global Capital of the Islamic Economy launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai."
Dubai's sukuk listings have  now reached a total nominal value of $59.72 billion, the highest amount of any listing venue in the world. - business@khaleejtimes.com