Dubai: Abdul Aziz Yaqob Al Serkal, General Manager of Dubai Investments PJSC, on Monday rang the market opening bell to mark the listing of a $300 million (Dh1.1 billion) sukuk by Dubai Investments Park Development Co. LLC (DIP) on Nasdaq Dubai.
The listing by DIP, the largest integrated business and residential community in the Middle East, brings the total of new listings of sukuk in Dubai since the beginning of 2013 to $12.55 billion.
Eisa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of the Dubai Islamic Economy Development Centre, said: “Dubai’s rapid growth towards becoming the global centre for sukuk is set to gain momentum in 2014, in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic economy, under the direction of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
Important role
DIP’s decision to list in Dubai demonstrates the important role played by the Islamic capital markets in supporting the funding requirements of a variety of companies that underpin the Emirate’s growth and development.”
Khalid Bin Kalban, Managing Director and CEO, Dubai Investments PJSC, said: “Nasdaq Dubai’s streamlined admissions procedure positioned the exchange as an ideal venue for our sukuk, in a commercial environment where fast and responsive decision-making is a significant factor. We appreciate the high visibility with regional and global investors provided by the region’s international stock market, as well as the opportunity to list alongside other prominent issuers of sukuk.”
