- Dubai Islamic Economy Development Centre welcomes Emirate’s growing momentum as international Sukuk centre
- Choice of exchange underlines Dubai’s successful expansion as global capital of Islamic Economy
Abdul Aziz Yaqob Al Serkal, General Manager of Dubai Investments PJSC, today rang the market opening bell to celebrate the listing of a 300 million dollar (AED 1.1 billion) Sukuk by Dubai Investments Park Development Co. LLC (DIP) on NASDAQ Dubai.
The listing by DIP, the largest integrated business and residential community in the Middle East, brings the total of new listings of Sukuk in Dubai since the beginning of 2013 to 12.55 billion dollars.
His Excellency Essa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre, said: “Dubai’s rapid growth towards becoming the global centre for Sukuk is set to gain momentum in 2014, in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. DIP’s decision to list in Dubai demonstrates the important role played by the Islamic capital markets in supporting the funding requirements of a variety of companies that underpin the Emirate’s growth and development.”
Khalid Bin Kalban, Managing Director and CEO, Dubai Investments PJSC, said: “NASDAQ Dubai’s streamlined admissions procedure positioned the exchange as an ideal venue for our Sukuk, in a commercial environment where fast and responsive decision-making is a significant factor. We appreciate the high visibility with regional and global investors provided by the region’s international stock market, as well as the opportunity to list alongside other prominent issuers of Sukuk.”
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “NASDAQ Dubai is delighted to support DIP’s important activities in promoting development in the industrial, commercial and residential spheres through its Sukuk listing. The exchange will maintain its strategy of building critical mass in Sukuk as well as promoting other asset classes, innovation and best practice across the Islamic capital markets sector.”
Including the listing of DIP’s Sukuk in February, the total value of all Sukuk currently listed in Dubai has reached 18.98 billion dollars. Dubai is the third largest centre for listed Sukuk globally by value.
In addition to His Excellency Essa Kazim and Mr. Abdul Wahed Al Fahim, the bell ceremony was also attended by Hamed Ali, Chief Executive of NASDAQ Dubai; Abdulla Al Awar, Chief Executive of the Dubai Islamic Economy Development Centre; Omar Al Mesmar, General Manager of Dubai Investments Park Development Company; Rohit Walia, Executive Chairman of Alpen Capital; and Sanjay Vig, Managing Director, Alpen Capital.