Nasdaq Dubai celebrates listing of US$500 million Sukuk by Arada

Nasdaq Dubai celebrates listing of US$500 million Sukuk by Arada

Tue 20-06-2023 13:35 PM

























DUBAI, 20th June, 2023 (WAM) -- Nasdaq Dubai welcomed the listing of a US$500 million Sukuk by Arada, the UAE’s fastest-growing master developer. The Sukuk is the first issuance by Arada on the region’s international financial exchange, further solidifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of US$77 billion.

To celebrate the successful listing, Ahmed Alkhoshaibi, Group CEO of Arada, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai.

This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange. Notably, before its successful debut Sukuk listing last year, Moody's and Fitch assigned Arada first-time credit ratings of B1 and B+, respectively, both with a stable outlook. This achievement made Arada the youngest private company in the UAE to secure credit ratings in 2022.

Alkhoshaibi said, “We’re pleased to list our debut Sukuk on Nasdaq Dubai, which provides a well-regulated platform offering excellent links and significant visibility to our global investor base. The strong demand for our sukuk from financiers