Nasdaq Dubai, the region’s international stock exchange, on Thursday announced the listing of a $1 billion US dollar sukuk by the Investment Corporation of Dubai (ICD), the Dubai government's main investment arm.
Nasdaq said in a statement that the listing reinforces Dubai’s position as the world’s largest venue for sukuk listings by value, raising the total listed in the emirate to $47.21 billion.
It added that it is the third debt listing by ICD on Nasdaq Dubai, following the listing in May 2014 of a $700 million sukuk and a $300 million conventional bond.
Earlier this week, bankers said order books for the 10-year US dollar sukuk offer by ICD, exceeded $1.5 billion.
ICD, which holds stakes in some of the emirate's top companies, made a net profit of AED10.3 billion ($2.8 billion) for the first half of 2016.
The consolidated financial results for the six-month period which were published in late December, also showed revenues of AED82.5 billion, achieved against a backdrop of lower oil and commodity prices, a strong US dollar and lacklustre global economic growth.
Revenues decreased by 7.8 percent and net profit decreased by 19.4 percent from the year-earlier period.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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