Dubai
Richard Groves, Chief Executive Officer of Ahli United Bank (AUB) Kuwait rang the market-opening bell to list on Nasdaq Dubai of a $200 million (Dh734 million) Sukuk.
The listing underlines Dubai’s status as the global leader for Sukuk listings, with a total nominal value of $45.75 billion from issuers in the GCC and beyond. As the third Kuwait listing on Nasdaq Dubai, it also reflects the growing capital markets ties between Kuwait and the UAE.
“Ahli United Bank Kuwait’s decision to list its Sukuk in Dubai reinforces the traditional financial ties between Kuwait and the UAE, which play an important role in regional economic cooperation and prosperity,” Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said in a statement.
“AUB Kuwait’s Sukuk has achieved considerable success, reflecting the Bank’s position as a leading Islamic financial institution in Kuwait. With strong demand from investors in the Middle East, Asia and Europe, the Sukuk was more than three times oversubscribed, reflecting the confidence the market has in the issuance and in the economic climate in Kuwait, and in the region,” Richard Groves, CEO of Ahli United Bank Kuwait said.
“We strongly believe that the visibility offered through a listing with Nasdaq Dubai will enhance the international appeal of issuers from Kuwait and the wider region. Kuwait has a number of internationally attractive company stories and we look forward to being their platform of choice,” Hamed Ali, Chief Executive of Nasdaq Dubai said.
