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
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.
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