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Jun 24 2012

NASDAQ Dubai welcomes $650 million JAFZ Sukuk to its market

Jebel Ali Free Zone chooses the international exchange in the region for its $650 million seven-year Sukuk
Total value of listed Sukuk on the exchange now at $7.1 billion
JAFZA CEO welcomes positive response from the market resulting in successful fund-raising


Dubai, June 24, 2012 - NASDAQ Dubai welcomed the listing of a $650 million Sukuk by Jebel Ali Free Zone ( JAFZ ) on its market. The listing confirms the exchange's status as the largest in the Middle East for Islamic bonds, bringing the total nominal value of its listed Sukuk to $7.1 billion.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "As the international exchange serving the UAE and the region, NASDAQ Dubai is delighted to be chosen by JAFZ for its Sukuk listing. NASDAQ Dubai offers Sukuk issuers and their investors a well regulated, effective and internationally visible platform.

"We look forward to hosting further listings in this expanding asset class from public and private issuers, from the UAE and other countries."

Global Sukuk issuance reached $43.5 billion in the first quarter of 2012, up 55% from the same period of 2011, according to NASDAQ Dubai figures.

Salma Hareb, CEO of JAFZ , said: " Jafza has once again demonstrated a strong and sustainable long-term business model. This refinancing success confirms the strength of Jafza as global players".

Jafza has successfully priced earlier this month the issuance of US$650 million Sukuk Certificates ('the Sukuk') due 2019, marking the company's first US dollar-denominated issuance and its first transaction in the international debt capital markets since 2007.

The transaction saw strong demand from regional and international investors, with the order book 3.1 times subscribed. The order book was well-diversified, both in terms of investor type and geography. European investors accounted for 26% of the allocation, Asian accounts 7%, US Offshore investors 2% and Middle Eastern investors took up the balance of 65%.

The Sukuk was admitted to NASDAQ Dubai's market together with the listing by the Dubai Financial Services Authority (DFSA), the listing authority in the Dubai International Financial Centre (DIFC).

The Sukuk structure involves trust certificates issued as trustee by JAFZ Sukuk (2019) Ltd under a Wikala agency framework.

About Jafza
Jafza is Economic Zones World's flagship operation. Established in 1985, Jafza today is spread over an area of 57 sq. kms and is home to over 6,700 companies, including over 120 of the Fortune Global 500 enterprises, from across the world. It is a leading driver of the burgeoning UAE economy. With its impeccable track record, Jafza stands for innovation, customer centricity, transparent operations and entrepreneurial dynamism.

As the leading business hub of the Middle East, Jafza focuses on long-term customer relationships and fosters alliances with global investors by providing them with world class infrastructure supported with value-added services and incentives. It also offers the benefit of huge business opportunities from a potential market of over two billion people in the greater Middle East region. Its products include office units, warehouses, light

industrial units and land on long term lease. These land sites are suitable for a variety of purpose-built facilities. Other value added products include business centers, hotels for visitors and customized Build-to-Suit options.

For more information, visit www.jafza.ae.

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, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.

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).

For more information, visit www.nasdaqdubai.com.

Jafza media contact:
Mr Rao
Email: varprasad.rao@ezw.com
Mobile: +971 50 9400163

For further inquiries, please contact:
Mark Fisher, VP - Corporate Communications
Email: mark.fisher@nasdaqdubai.com
Tel number: 04 305 5458

© Press Release 2012


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