Dubai, UAE – The Nasdaq Dubai Stock Exchange welcomed the listing of sukuk worth $500 million, issued by Majid Al Futtaim Sukuk Company Limited.
This is within the framework of Majid Al Futtaim’s expansion into international debt markets in Dubai.
The stock exchange stated, in a statement, that the sukuk guaranteed by Majid Al Futtaim Holding reflects its commitment to reaching a diverse base of global investors through the market environment compatible with international standards provided by Dubai.
The sukuk is due on October 22, 2035, at a profit rate of 4.875%.
It attracted strong demand from investors, with IPO applications exceeding $2 billion.
The BBB-rated version from both Standard & Poor’s and Fitch will support the company’s overall goals and refinancing plans.
This listing comes after the successful issuance of hybrid bonds by the company.
Which recorded coverage exceeding five and a half times, and was priced at a profit rate of 5.75%.
The CEO of Majid Al Futtaim, Ahmed Jalal Ismail, rang the opening bell of the trading session at Nasdaq Dubai, along with the CEO of the Dubai Financial Market and Nasdaq Dubai, Hamed Ali.
With this listing, the total value of Majid Al Futtaim’s sukuk listed on Nasdaq Dubai rises to $2.2 billion, distributed over four issues.
This listing brings the total value of debt instruments at Nasdaq Dubai to more than $145 billion.
This establishes the stock exchange as a leading platform in the region for listing fixed income instruments and enhancing cross-border capital flows.
