Business | Investment

Dewa’s $1b sukuk listed on Nasdaq Dubai

Attracted strong investor response

  • WAM
  • Published: 18:24 March 11, 2013
  • Gulf News

Dubai: Dubai Electricity and Water Authority’s (Dewa) $1 billion sukuk was listed on Nasdaq Dubai on Monday.

Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of Dubai International Financial Centre, rang the bell for the listing.

The issuance of the Dewa sukuk was met positively by regional and global investors, leading to an increase in the value of sukuk listed on Nasdaq to $6.24 billion, while the value of sukuk listed in Dubai bourses rose to $10.173 billion.

Shaikh Maktoum said that Dubai has a market that represents a leading and comprehensive global platform in the field of organisation and operation. “The market is enjoying an increase in the trust of investors from all around the world. Today, we are ready to start issuing, enlisting and trading in Islamic sukuk at the highest level of success and efficiency,” said Shaikh Maktoum.

“The UAE has succeeded in providing a successful and advanced model for Islamic economy that is being looked up to at the global level, which made it easier to make Dubai a global centre for Islamic sukuk. This is thanks to the emirate’s global standing, and adoption of the best policies and standards in this field, in addition to Dubai’s keenness to adopt principles of transparency in its operations and communication with investors.

The issuance came following the initiative launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai a global centre for Islamic sukuk, which is in line with his vision to make the emirate a capital of Islamic economy.

Mohammad Abdullah Al Gergawi, Chairman of the Executive Office of Shaikh Mohammad Bin Rashid and Chairman of the Higher Committee for development of the Islamic Economy sector, said that a listing of this size from a Dubai-based organisation is an important step towards efforts to make Dubai a global capital for Islamic Economy. “It is proof that the emirate of Dubai has the resolve and required infrastructure to achieve this goal,” said Al Gergawi.

“The response for listings of sukuks in the coming period will be bigger and better. We are on the verge of launching more initiatives pertaining to various aspects of the Islamic economy,” he added.

Saeed Mohammad Al Tayer, Managing Director and CEO of Dewa, said that the authority has strong performance, abundant liquidity and strong financial solvency. This is further affirmed in the trust that the authority enjoys from partners, suppliers and its customers. This reflected positively on the emirate of Dubai and its organisations, and the solid foundation from which investment projects are launched, said Al Tayer.

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