The bell ceremony with Adil Taqi, Group Chief Financial Officer of Damac Properties, Hamed Ali, Chief Executive of Nasdaq Dubai, and senior representatives of Damac. Image Credit: WAM

Dubai: Nasdaq Dubai said it listed $400 million (Dh1.4 billion) sukuk by Damac Real Estate Development.

The Sukuk was sold to investors in the Middle East, Europe and Asia reflecting Damac Properties’ international profile. It is the third Sukuk listed by Dubai-based Damac Properties on Nasdaq Dubai, following a $650 million Sukuk listed by the company in April 2014 and a $500 issuance in April 2017.

The listing on the region’s international exchange supports Damac Properties’ capital raising programme for general corporate purposes and its ongoing growth strategy, as it continues to extend its footprint in the Middle East and beyond with projects in the UAE, Saudi Arabia, Jordan, Lebanon and Oman as well as the UK.

“Damac continues to expand its development portfolio at home and internationally, as we seek out strategic investments that would enable us to expand our footprint into key global markets. The sukuk enables us to raise capital cost effectively and our listing on Nasdaq Dubai gives our sukuk high visibility around the world together with an excellent regulatory framework,” Hussain Sajwani, Chairman of Damac Properties, said in a statement.

Dubai’s sukuk listings have now reached a total nominal value of $59.72 billion, the highest amount of any listing venue in the world.