Mr. Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, rang the market opening bell to celebrate three listings from its Sukuk Program with a total value of $1.15bn (Dhs4.22bn) on NASDAQ Dubai.
The listings by the prominent Saudi property developer raise the value of Sukuk listed in Dubai to $22.23bn (Dhs81.58bn), adding further momentum to Dubai’s growth as the global Capital of the Islamic Economy. Dubai is the world’s third largest venue for Sukuk listings by value.
The bell ceremony took place in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre (DIEDC), as well as other senior executives of DIEDC, Dar Al Arkan Development Company, NASDAQ Dubai and Dubai Financial Market (DFM).
His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Board, Dubai Islamic Economy Development Centre, said, “These listings by a major company within the GCC represents a further step in Dubai’s growth as the global Capital of Islamic Economy under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, and overseen by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai.”
His Excellency Essa Kazim, Chairman of DFM and Secretary General of Dubai Islamic Economy Development Centre, said, “Dubai is making rapid progress towards becoming the international centre of Sukuk by attracting listings from a range of prominent private, government and inter-government issuers from the UAE and other countries. As Sukuk become increasingly popular as an Islamic asset class, the Emirate will continue to enhance its listing infrastructure.”
Mr. Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, said, “Listing our Sukuk on NASDAQ Dubai, which is considered the region’s international exchange, offers us expanded visibility and connectivity with the investor community. The issuance has enabled us to raise the necessary capital for growth and expansion, confirming the positive reputation that Dar Al Arkan enjoys among investors, supported by a wide variety of leading commercial and residential real estate projects in Saudi Arabia. The Sukuk proceeds will be used for new and existing projects as well as acquisitions in Saudi Arabia.”
The three listings took place on May 28, 2014. They comprise a $400m (Dhs1.47bn) Sukuk which was issued earlier in the month, as well as a $300m (Dhs1.1bn) Sukuk which was issued in November 2013 and a $450m (Dhs1.65bn) Sukuk issued in May 2013.
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said, “As we strengthen our role as the largest exchange for Sukuk listings in the Middle East, NASDAQ Dubai will continue to provide capital markets underpinning for economic growth and prosperity. The exchange will maintain its strategy of attracting high quality issuers of Sukuk as well as promoting other asset classes and best practice in Islamic markets.”
Hamed Ali, Chief Executive of NASDAQ Dubai, said, “The listings by Dar Al Arkan underline our commitment to provide issuers from Saudi Arabia, the wider GCC and beyond with the first class capital markets and investor framework that they require. NASDAQ Dubai will continue to enhance its admissions infrastructure and post-listing services in order to further strengthen its position in the global marketplace.”
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