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· Listing reflects dynamism of Dubai's corporate sector and capital markets
Dubai – Alain Bejjani, Chief Executive Officer at Majid Al Futtaim-Holding, rang the market-opening bell today to celebrate the listing on Nasdaq Dubai of a USD 300 million tap under its existing USD 3 billion conventional bond programme.
The capital raised by the bond tap will support Majid Al Futtaim’s ongoing expansion in shopping malls, grocery, retail, residential communities, leisure, health and other sectors across the Middle East and Africa.
The bell-ringing ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; Hamed Ali, Chief Executive of Nasdaq Dubai, and senior executives from Majid Al Futtaim.
HE Essa Kazim, Governor of DIFC and Chairman of DFM, said: “Majid Al Futtaim’s bond listing underlines the continuing dynamism and development of the UAE’s corporate sector, as well as strengthening Dubai’s leadership position as the region’s capital markets hub. Dubai’s listing infrastructure is designed to support easy access to investors and a high global profile for regional as well as international issuers.”
Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, said: “Majid Al Futtaim continues to report resilient financial growth despite softening economic conditions. We continue to focus on our expansion plans with a continued commitment to our investment grade credit rating and our prudent financial and risk management approaches. Our proactive funding strategy allows us to access the market at opportune times and raise finance to support our long-term strategic investment plans for the MEA region.
The bond tap was issued by MAF Global Securities, part of the Majid Al Futtaim group, and its listing took place in July 2016. Previous issuances by MAF Global Securities which are listed on Nasdaq Dubai include a 7 year USD 500 million bond listed in July 2013 and the tapped instrument, a 10 year USD 500 million bond, listed in May 2014
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “The exchange will maintain its focus on increasing the depth of its debt capital markets as well as expanding other asset classes. Through its commitment to best practices and innovation, Nasdaq Dubai is an effective platform for issuers to raise capital and expand their business.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As more regional and global debt issuers seek a listing on the region’s international exchange, we will continue to enhance our listing processes to respond flexibly to their needs. We will also further strengthen our post-listing services on behalf of issuers including custody and transfer of securities.”
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).
Note to the Editor: The legal name of this company is “Majid Al Futtaim” and should not be shortened or replaced by an acronym to avoid confusion with another business entity.
Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 33,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 20 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and operates a portfolio of more than 160 outlets in 15 countries.
Majid Al Futtaim operates 191 VOX Cinema screens and 23 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to the consumer finance company issuing 'Najm' and “Voyager” credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf. www.majidalfuttaim.com
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© Press Release 2016
