Flydubai lists $500 million sukuk on Nasdaq Dubai

Dubai: Nasdaq Dubai said on Wednesday flydubai listed its $500 million (Dh1.8 billion) sukuk on its exchange.

This is the 18th Sukuk to have listed on Nasdaq Dubai since the beginning of 2014, supporting Dubai’s rapid expansion as the global capital of the Islamic Economy. The emirate is one of the three largest venues in the world for Sukuk listings, with current nominal value on its two exchanges totalling $24.05 billion.

“The issuance and listing of flydubai’s Sukuk demonstrates the important role being played by the Islamic capital markets in supporting Dubai’s growth as a global aviation centre,” said Essa Kazim, Secretary General of DIEDC and Chairman of DFM in a statement.

The sukuk saw a geographic distribution of 64 per cent to Middle East accounts, 25 per cent to European accounts, 7 per cent to Asia, and 4 per cent to US offshore.

“Nasdaq Dubai is in contact with a substantial number of potential issuers inside and outside the region who wish to list Sukuk in 2015 and beyond to meet their capital-raising needs,” said Hamed Ali, Chief Executive of Nasdaq Dubai.