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Mon 3 Oct 2016 02:22 PM

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Dubai malls operator celebrates $300m bond for expansion plans

Alain Bejjani, CEO at Majid Al Futtaim Holding, rings the market-opening bell at Nasdaq Dubai

Dubai malls operator celebrates $300m bond for expansion plans

Alain Bejjani, CEO at Majid Al Futtaim Holding, rang the market-opening bell on Monday to celebrate the listing on Nasdaq Dubai of a $300 million tap under its existing $3 billion conventional bond programme.

The capital raised by the bond tap will support Majid Al Futtaim’s ongoing expansion in shopping malls, grocery, retail, residential communities, leisure, health and other sectors across the Middle East and Africa, a statement said.

The bond tap was issued by MAF Global Securities, part of the Majid Al Futtaim group. Previous issuances by MAF Global Securities which are listed on Nasdaq Dubai include a 7 year $500 million bond listed in July 2013 and the tapped instrument, a 10 year $500 million bond, listed in May 2014

The bell-ringing ceremony took place in the presence of Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM), Abdul Wahed Al Fahim, chairman of Nasdaq Dubai and Hamed Ali, CEO of Nasdaq Dubai.

Kazim said: “Majid Al Futtaim’s bond listing underlines the continuing dynamism and development of the UAE’s corporate sector, as well as strengthening Dubai’s leadership position as the region’s capital markets hub.”    

Bejjani added: “Majid Al Futtaim continues to report resilient financial growth despite softening economic conditions. We continue to focus on our expansion plans with a continued commitment to our investment grade credit rating and our prudent financial and risk management approaches. Our proactive funding strategy allows us to access the market at opportune times and raise finance to support our long-term strategic investment plans for the MEA region."

Ali said: “As more regional and global debt issuers seek a listing on the region’s international exchange, we will continue to enhance our listing processes to respond flexibly to their needs. We will also further strengthen our post-listing services on behalf of issuers including custody and transfer of securities.”

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