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Wed 3 Jun 2015 02:03 PM

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Emirates chief rings Nasdaq Dubai bell for $913m sukuk

Chairman Sheikh Ahmed Bin Saeed Al Maktoum says sukuk being used to finance and pre-fund A380 aircraft

Emirates chief rings Nasdaq Dubai bell for $913m sukuk

Sheikh Ahmed Bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group, on Wednesday rang the market-opening bell to celebrate the listing of a $913 million sukuk on Nasdaq Dubai.

The listing brings the total value of sukuk listed on Dubai's exchanges to $34.96 billion, reinforcing Dubai's position as an international centre for sukuk activity, a statement said.

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

Sheikh Ahmed said: "As Emirates continues to strengthen its global network and fleet, Nasdaq Dubai's exceptional links to international and regional investors provide us with an effective platform to support our aircraft financing initiatives.

"This transaction set many new milestones including being the first time that a sukuk has been used to finance and pre-fund the acquisition of our A380 aircraft.

"We are pleased with the tremendous response and confidence that investors have in Emirates, and will continue our strategy to maintain a diverse portfolio of financing sources. "

Kazim added: "This sukuk listing by one of the UAE's most prominent and dynamic enterprises further advances the growth of Dubai as the global Capital of Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai.

"Dubai's exchanges will continue to strengthen their expertise and services in the sukuk sector."

The latest sukuk is the second listed on the exchange by Emirates following the listing of a $1 billion sukuk in March 2013.

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