Nasdaq Dubai has announced the listing of a USD 400 million Sukuk by UAE-based master developer Arada Developments LLC.
This listing marks Arada’s second on Nasdaq Dubai and the first under their new USD 1 billion Sukuk program.
The five-year fixed-rate Sukuk attracted robust demand from regional and international investors, oversubscribing by 3.5 times. It drew interest from a diverse group of investors worldwide, including Europe, the Middle East, and Asia. Significant participation came from institutional investors, fund managers, high-net-worth individuals (HNWIs), and banks.
This listing reinforces Dubai's position as a premier global hub for Sukuk listings, with the total value of Sukuk issuances reaching USD 93 billion. Local issuers contribute 44% of this value, while foreign issuers make up the remaining 56%. Nasdaq Dubai boasts a total value of USD 129 billion in listed bonds and Sukuk.
To mark the successful listing, Ahmed Alkhoshaibi, Group CEO of Arada, rang the bell at the market-opening ceremony at Nasdaq Dubai, alongside Hamed Ali, CEO of Nasdaq Dubai and DFM.
“We’re pleased to be returning to Nasdaq Dubai to list our second Sukuk, after the strong success and increased investor interest that followed the listing of our debut issuance a year ago. Over the past 12 months, we have delivered record results in new project launches, sales, and deliveries, contributing to the significant worldwide interest in our new Sukuk program,”
said Alkhoshaibi.
Hamed Ali added,
“We welcome Arada’s successful listing on Nasdaq Dubai. The robust demand for this listing reflects the strong confidence that global investors have in the UAE's Islamic finance market and broader capital markets. This listing further solidifies Nasdaq Dubai's status as a leading market for Sukuk issuances. We are committed to supporting the growth of the Islamic finance market and look forward to more collaborations that will enhance our role as a global financial hub.”
Arada, rated B1 by Moody’s and B+ by Fitch, has launched six projects valued at AED 60 billion across Sharjah and Dubai, including Aljada, Sharjah’s largest mixed-use megaproject; Masaar, the UAE’s first forested community; and Armani Beach Residences at Palm Jumeirah.
News Source: Dubai Meda Office
