Tuesday, July 16, 2024
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Arada’s $400 Million Sukuk Listing is Welcomed by Nasdaq Dubai.

A master developer based in the United Arab Emirates, Arada Developments, has listed a $400 million Sukuk, which Nasdaq Dubai has welcomed. This is Arada’s first listing under its recently created $1 billion Sukuk program and its second listing on Nasdaq Dubai.
Strong demand was seen for the five-year fixed-rate Sukuk from both domestic and foreign investors.

A wide range of investors worldwide, including those in Europe, the Middle East, and Asia, expressed interest in the offering, which was oversubscribed by 3.5 times. Notable participants included banks, institutional investors, fund managers, and high-net-worth individuals (HNWIs).

With this listing, the total value of Sukuk issuances has reached $93 billion, solidifying Dubai’s standing as a leading worldwide hub for Sukuk listings. Of this total, 44% comes from local issuers, and the remaining 56% comes from foreign issuers.

With listed bonds and Sukuk, Nasdaq Dubai boasts a total value of $129 billion.

At the market-opening ceremony at Nasdaq Dubai, Ahmed Alkhoshaibi, Group CEO of Arada, and Hamed Ali, CEO of Nasdaq Dubai and DFM, rang the bell to commemorate the successful listing.

“After the great success and increased investor interest that followed the listing of our debut issuance a year ago, we are delighted to be returning to Nasdaq Dubai to list our second Sukuk,” Alkhoshaibi stated. In terms of new project launches, sales, and deliveries, we have once again achieved record results over the last 12 months, all of which have significantly boosted interest in our new Sukuk program around the globe.

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Tuesday, July 16, 2024

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