Nasdaq Dubai has listed a $500 million sukuk issued by MAF Sukuk Ltd. and guaranteed by Majid Al Futtaim Holding LLC, underscoring the company’s continued use of Dubai’s international debt markets. The Islamic bond matures on Oct. 22, 2035, carries a profit rate of 4.875 percent and is rated BBB by both S&P Global Ratings and Fitch Ratings.
The issuance drew orders exceeding $2 billion, according to the exchange, and will be used for general corporate purposes and refinancing. It follows Majid Al Futtaim’s recent hybrid bond sale, which was more than five and a half times oversubscribed and priced at 5.75 percent.
The listing was marked by a bell-ringing ceremony at Nasdaq Dubai attended by Ahmed Galal Ismail, chief executive of Majid Al Futtaim Holding, and Hamed Ali, chief executive of Nasdaq Dubai and the Dubai Financial Market. Both executives pointed to sustained investor demand and Dubai’s role as a hub for Islamic and conventional debt issuance.
With the latest sukuk, Majid Al Futtaim now has $2.2 billion of sukuk listed on Nasdaq Dubai across four issuances. The transaction brings the total value of debt securities listed on the exchange to more than $145 billion.
Photo credits: Government of Dubai Media Office
Alexander Agafiev Macambira is former tech contributing writer for Forbes Monaco.
