Saudi Arabia’s Islamic Development Bank (IsDB) has listed a $1.7 billion Sukuk on Nasdaq Dubai, thereby further strengthening its position as the largest supranational Sukuk issuer with a total value of $18.8 billion through 13 issuances that is listed on the exchange since 2016, according to media reports.
Hamed Ahmed Ali, CEO of NASDAQ Dubai told the media, “We are committed to the continuous progression of Nasdaq Dubai’s regulations and services to support prominent issuers in implementing their financing and growth plans and linking them with regional and international investors who are seeking lucrative investments in this sector.”
This issuance is the second listing by IsDB on Nasdaq Dubai this year and the bank has already listed its second ‘sustainability’ sukuk of $2.5 billion in April. This latest development cements Dubai’s position as one of the largest sukuk listing venues globally, and it has a combined Sukuk value of $80.1 billion. The proceeds from the Sukuk will be used for the development mandate of the bank, which also includes its response to financing the recovery from the pandemic for its member countries.
Recently, Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs rang the market bell to celebrate the listing of the UAE sovereign bonds on NASDAQ Dubai. The first-of-its-kind bond package issued by the UAE government has already raised $4 billion.
Al Hussaini said that the UAE has recorded an amazing feat of achievement in issuing these bonds and they are in accordance with the UAE’s government strategy and will work towards prioritising the prosperity of the UAE citizens.