Nasdaq Dubai welcomed the listing of a USD 500 million Sukuk by Arada, the UAE’s fastest-growing master developer.
The Sukuk is the first issuance by Arada on the region’s international financial exchange, which further solidifies Dubai’s position as one of the largest Sukuk listing venues globally with a total value of USD 77 billion.
To celebrate the successful listing, Ahmed Alkhoshaibi, Group CEO of Arada, along with Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai.
This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange. Notably, ahead of its successful debut Sukuk listing last year, Moody's and Fitch assigned Arada first-time credit ratings of B1 and B+ respectively, both with a stable outlook. This achievement made Arada the youngest private company in the UAE to secure credit ratings in 2022.
Ahmed Alkhoshaibi, Group CEO of Arada expressed,
“We’re pleased to list our debut Sukuk on Nasdaq Dubai, which provides a well-regulated platform offering excellent links and significant visibility to our global investor base. The strong demand for our sukuk from financiers around the world is a testament to the market’s confidence in our exceptional growth story, our governance record and our future plans.”
Hamed Ali, CEO of Nasdaq Dubai and DFM said,
“We are delighted to welcome Arada’s first listing on Nasdaq Dubai. This listing further reinforces the confidence in the regulatory framework of Nasdaq Dubai and our efforts to position Dubai as one of the largest global venues for Sukuk listing. In line with our continued commitment to fostering innovation and facilitating the growth of the financial market, Nasdaq Dubai remains dedicated to providing an exemplary platform for companies like Arada to access global investors, contributing to the prosperity of the UAE and the wider region.”
Since its establishment in 2017, Arada has embarked on projects worth AED 38 billion under development in Sharjah and Dubai. The developer has achieved an impressive average annual sales growth of 30% year-on-year, and has already completed over 7,000 homes in its communities.
News Source: Dubai Media Office