Nasdaq Dubai celebrates the listing of $300mln Sukuk by Sobha Realty

Nasdaq Dubai celebrates the listing of $300mln Sukuk by Sobha Realty

Dubai: Nasdaq Dubai welcomes the listing of a USD 300 million Sukuk by Sobha Realty, one of the region’s largest real estate developers. The Islamic issuance listing introduces a new dimension to the GCC sub-investment grade Sukuk market by becoming the first of its kind to include a call feature. The Sukuk, which has a tenor of five years, offers investors an attractive annual profit rate of 8.75%, which is payable semi-annually. With this listing, Dubai further solidifies its position as a leading hub for regional and international debt listings, reaching a total value of USD 117 billion and reinforcing its prominence in the market. To commemorate the successful listing, Ravi PNC Menon, Co-Chairman of Sobha Realty, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the bell at the market-opening ceremony at Nasdaq Dubai. Hamed Ali, CEO of Nasdaq Dubai and DFM said, “We are thrilled to commemorate the milestone debut Sukuk listing of Sobha Realty on Nasdaq Dubai. This significant achievement not only underscores the robustness and attractiveness of the Dubai capital market but also highlights the increasing demand for Islamic finance instruments in the region. Nasdaq Dubai remains dedicated to fostering innovation and