Jul 19 2012 |
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NASDAQ Dubai welcomes US$ 500 million Emaar Sukuk to its market
First Sukuk listing by Emaar on NASDAQ Dubai, the region's international exchange
Listing is landmark that strengthens region's capital markets
Emaar welcomes successful capital-raising from international and regional investors
Dubai, July 19, 2012 - NASDAQ Dubai, the region's international exchange, today welcomed the listing of a US$ 500 million Sukuk on its market by Emaar Properties PJSC, the Dubai-based global property developer.
The listing is the first by Emaar on NASDAQ Dubai and constitutes the second drawdown under the company's recently updated US$ 2 billion Trust Certificate Issuance Programme. The Sukuk's success underlines Emaar 's strong value proposition and the credit standing of the company in international financial markets. With the listing by Emaar Properties on NASDAQ Dubai, the total nominal value of the exchange's listed Sukuk is now US$ 5.5 billion.
Mohamed Alabbar, Chairman of Emaar Properties , said: "Our new and extremely successful Sukuk offering has gained strong investor response and is nearly ten times oversubscribed. We are honoured to list it in NASDAQ Dubai, highlighting our support to Dubai and its institutions. The process of listing is investor and issuer-friendly, which will drive stronger regional and international investor response."
As regional and international companies expand their issuance of Sukuk to raise capital, NASDAQ Dubai looks forward to hosting further listings from public and private issuers in the region and beyond. Global Sukuk issuance reached US$ 67.9 billion in the first half of 2012, up 36% from the same period of 2011, according to NASDAQ Dubai figures.
The yield on the HSBC/NASDAQ Dubai US Dollar NASDAQ Dubai-Listed Sukuk Index has fallen to 4.92% from 6.45% at the beginning of 2012.
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
About
Emaar Properties
PJSC
Emaar Properties
PJSC, listed on the
Dubai Financial Market
, is a global property developer with a significant presence in key emerging markets in the Middle East, North Africa and Asia. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure and financial services sectors. Burj Khalifa, the world's tallest building, and The Dubai Mall, the world's largest shopping and entertainment destination, are some of
Emaar
's trophy developments.
Emaar has launched a new wholly-owned subsidiary, Dawahi Development, a next-generation developer of 'value housing' projects within full-service community developments. Dawahi Development will develop 'value homes' at attractive price points in key emerging markets across the Middle East & North Africa region, while also creating robust employment and business opportunities for the local population.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District. www.emaar.com.
For more information, please contact:
Kelly Home / Nivine William
ASDA'A Burson-Marsteller
+9714 4507 600
kelly.home@bm.com / nivine.william@bm.com
For further inquiries, please contact:
Mark Fisher, VP - Corporate Communications
Email: mark.fisher@nasdaqdubai.com
Tel number: 04 305 5458
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or in any other jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The securities to which this announcement relates have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act), except pursuant to registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organization. Similar ratings for different types of issuers and on different types of securities do not necessarily mean the same thing. The significance of each rating should be analyzed independently from any other rating.
This release is not an invitation nor is it intended to be an inducement to engage in investment activity for the purpose of Section 21 of the Financial Services and Markets Act 2000 of the United Kingdom (the "FSMA"). To the extent that this release does constitute an inducement to engage in any investment activity included within this release, it is directed only at: persons who are outside the United Kingdom; (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) of the United Kingdom; or (iii) any other persons to whom this release for the purposes of Section 21 of FSMA can otherwise lawfully be made (all such persons together being referred to as "relevant persons"), and must not be acted on or relied upon by persons other than relevant persons. Any invitation or inducement to engage in any investment activity included within the release is available only to relevant persons and will be engaged in only with relevant persons. Anyone other than a relevant person must not rely on this release.
© Press Release 2012
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