Sobha Realty lists $300mln sukuk on Nasdaq Dubai

Sobha Realty lists $300mln sukuk on Nasdaq Dubai

Sobha Realty, one of the region’s largest real estate developers, announced on Wednesday the listing of a $300 million sukuk on Nasdaq Dubai. The issuance introduced a new dimension to the GCC sub-investment grade sukuk market by becoming the first of its kind to include a call feature, the developer said in a statement. The sukuk, which has a tenor of five years, offers investors an annual profit rate of 8.75 per cent, which is payable semi-annually. With the new listing, Dubai further reinforced its position as a leading hub for regional and international debt listings, reaching a total value of $117 billion. 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. Ali said the milestone debut sukuk listing of Sobha Realty on Nasdaq Dubai is a significant achievement as it not only underscored the robustness and attractiveness of the Dubai capital market but also highlighted the increasing demand for Islamic finance instruments in the region. “Nasdaq Dubai remains dedicated to fostering innovation and advancing the growth of the UAE financial market, and we are