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28 November, 2013

HH Sheikh Mohammed honours Majid Al Futtaim with special award for innovative Sukuk

Dubai, 28 November 2013 His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, honoured Majid Al Futtaim, MENA's leading shopping mall, retail and leisure group, with a special award in the Sukuk category of the 2013 Islamic Economy Awards in Dubai on 25 November.The US$400-million Sukuk issued by Majid Al Futtaim in Ja

HH Sheikh Mohammed honours Majid Al Futtaim with special award for innovative Sukuk
Dubai, 28 November 2013 

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, honoured Majid Al Futtaim, MENA's leading shopping mall, retail and leisure group, with a special award in the Sukuk category of the 2013 Islamic Economy Awards in Dubai on 25 November.

The US$400-million Sukuk issued by Majid Al Futtaim in January 2012 attracted international attention because it was the first issuance by an investment grade privately-owned company in the GCC and set an example which was followed by other private companies in the region. In preparation for the Sukuk, Majid Al Futtaim also achieved a BBB rating from Standard and Poor and Fitch, the highest credit rating of any private corporate in the MENA region.

The Sukuk award was made at the Opening Ceremony of Global Islamic Economic Summit and was presented to Iyad Malas, CEO of Majid Al Futtaim Holding, who commented, "We took a bold step to issue the Sukuk when investors were looking for Shariah-compliant assets in a market that was still volatile.  We are extremely proud to receive this prestigious award from His Highness Sheikh Mohammed and also to contribute towards making Dubai the world capital of Islamic finance."

A panel of eleven expert judges from around the world was established to consider the contenders for the Sukuk award and, based on their collective scores, Majid Al Futtaim was selected as the overall winner.

In July 2013, Majid Al Futtaim listed its Sukuk on NASDAQ Dubai, which brought the nominal value of Sukuk listed on Dubai's exchanges to 11.08 billion dollars, the third largest total in the world. The innovation of the Sukuk has been repeatedly acknowledged through a series of international awards from the finance industry as well as specialist financial publications.

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About Majid Al Futtaim Holding
Founded in 1992, Majid Al Futtaim Holding is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, with operations in 12 countries and over 24,000 employees.

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Majid Al Futtaim Holding has the highest credit rating (BBB) among privately-held corporates in the Middle East. Its operations are carried out by three complementary, wholly-owned subsidiaries:

  • Majid Al Futtaim Properties, which owns and operates 16 shopping malls and 11 hotels in MENA, with developments underway in Lebanon and Egypt.

  • Majid Al Futtaim Retail, which holds exclusive rights to Carrefour franchise in 19 markets across MENA and Central Asia. It operates a portfolio of 50 hypermarkets and 47 supermarkets in 12 countries.

  • Majid Al Futtaim Ventures develops, owns and operates all the leisure and entertainment facilities at Majid Al Futtaim malls including Ski Dubai, VOX Cinemas, Magic Planet, iFly, among others. It is also parent to a consumer finance company issuing 'Najm' credit cards and a Fashion retail business. In addition, it also has a joint venture operation with Dalkia.

For further information please contact:

Brunswick for Majid Al Futtaim Holding:
Alex Blake-Milton       +97150.694758
ablakemilton@brunswickgroup.com
Nabih
Tarabay                       
+97150.151959
ntarabay@brunswickgroup.com

© Press Release 2013