Listing supports DAMAC Properties' luxury real estate development activities

Dubai, May 4, 2017 – Hussain Sajwani, Chairman of DAMAC Properties, today rang the market opening bell to celebrate the listing of a 500 million US dollar Sukuk, issued by DAMAC Real Estate Development Limited (DRED), on Nasdaq Dubai. DRED is a wholly owned subsidiary of DAMAC Properties PJSC.

The listing on the region’s international exchange supports DAMAC Properties’ capital-raising initiative as it pursues its property development strategy, which includes a footprint that extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

The Sukuk received strong interest from institutional investors across the Middle East, Europe and Asia. It is the second Sukuk listed by Dubai-based DAMAC Properties on Nasdaq Dubai, following a 650 million US dollar Sukuk listed by the company in April 2014.

The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of DAMAC Properties, as well as Hamed Ali, Chief Executive of Nasdaq Dubai.

Hussain Sajwani, Chairman of DAMAC Properties, said: “Our latest Sukuk listing provides valuable financial underpinning for our strategy of delivering luxury living to the region, including a development portfolio of more than 44,000 residential units at various stages of  progress and planning, as well as more than 13,000 hotel rooms and hotel apartments under development. As we expand, our Nasdaq Dubai listing provides our Sukuk with excellent visibility to investors around the world as well as our own region, together with a highly respected regulatory framework. We continue to seek land acquisition opportunities in prime areas of Dubai and beyond and this funding supports our plans whilst also enabling us to remain prudent in our management of liabilities.”

His Excellency Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: “DAMAC Properties’ strategy to raise capital through Sukuk  underlines Dubai’s growth as a centre for both issuance and listing of this important asset class, drawing on the abundant Islamic finance expertise that is based in the Emirate. Sukuk play an important role in the initiative for Dubai to be the global Capital of the Islamic Economy launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.”

Dubai’s Sukuk listings have now reached a total nominal value of 53.71  billion US dollars, the highest amount of any listing venue in the world.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “We are committed to providing DAMAC Properties and its investors with the effective infrastructure that they expect in a world class listing environment. We look forward to welcoming further Sukuk that will be issued by prominent UAE, regional and international companies and other entities to fund their expansion and development strategies.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As the Sukuk market continues to grow in the region and internationally by attracting a widening range of market participants, we will further enhance our pre-listing procedures and post-listing services for the benefit of issuers and investors. Nasdaq Dubai will continue to expand its Islamic finance listings and solutions, with Sukuk at the forefront of our development and innovation.”

DAMAC Properties’ 500 million US dollar Sukuk listed on Nasdaq Dubai on April 20, 2017.

About Nasdaq Dubai

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

About DAMAC Properties

DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002 – bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.

As of 31st December 2016, DAMAC Properties has delivered approximately 17,900 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

© Press Release 2017