Dubai's Damac says $500m sukuk to support projects delivery

Chairman Hussain Sajwani rings the market opening bell to celebrate the listing of sukuk on Nasdaq Dubai

Hussain Sajwani, Damac Properties chairman. (ITP Images)

Hussain Sajwani, Damac Properties chairman. (ITP Images)

Hussain Sajwani, chairman of Damac Properties, on Thursday rang the market opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai.

The sukuk was issued by Damac Real Estate Development Limited (DRED), a wholly owned subsidiary of Damac Properties.

Damac said in a statement that the listing supports its capital-raising initiative as it pursues its property development strategy, which includes a footprint that extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

It added that the sukuk received strong interest from institutional investors across the Middle East, Europe and Asia.

It is the second sukuk listed by the Dubai-based developer on Nasdaq Dubai, following a $650 million listing in April 2014.

Sajwani said: "Our latest sukuk listing provides valuable financial underpinning for our strategy of delivering luxury living to the region, including a development portfolio of more than 44,000 residential units at various stages of progress and planning, as well as more than 13,000 hotel rooms and hotel apartments under development."

Dubai’s sukuk listings have now reached a total nominal value of $53.71 billion, the highest amount of any listing venue in the world.

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