Hussain Sajwani, Executive Chairman and Chief Executive of DAMAC, today rang the market opening bell to celebrate the listing of a 650 million dollar (AED 2.39 billion) Sukuk on NASDAQ Dubai.
The listing raises the value of Sukuk that have listed on NASDAQ Dubai so far in 2014 to 6.35 billion dollars. Dubai is the world's third largest venue for Sukuk listings, with a total of 19.63 billion dollars.
The bell ceremony at Dubai Financial Market (DFM) took place in the presence of Essa Kazim, Chairman of DFM and Secretary General of the Dubai Islamic Economy Development Centre, Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, Hamed Ali, Chief Executive of NASDAQ Dubai and Abdulla Al Awar, Chief Executive of the Dubai Islamic Economy Development Centre.
Mr. Kazim, said, "Dubai is making rapid progress towards becoming the international Sukuk centre by attracting listings from prominent issuers such as Damac, supported by its ample infrastructure following the implementation of significant enhancements to its regulatory and commercial framework for Sukuk."
Mr. Sajwani, said, "As the international exchange in the Middle East, NASDAQ Dubai offers DAMAC global visibility and first class regulatory standards from a venue in the region where we are based. Our Sukuk listing provides a strong underpinning for our expansion plans, including acquiring land to strengthen our high-end and luxury development activities."
Mr. Al Fahim, said, "The exchange is committed to providing DAMAC and its investors with the responsive framework they expect in a world class listing environment. NASDAQ Dubai will continue to streamline its admissions infrastructure and post-listing services in order to compete with and exceed best international practices." WAM/Esraa/Moran