21 Oct, 2013As Dubai achieves further progress towards its goal of becoming the global capital of Islamic Economy: Majid Al Futtaim Holding celebrates Sukuk listing on NASDAQ Dubai at bell-ringing ceremony at DFM

The Higher Committee for Development of the Islamic Economy welcomes listing as milestone in achieving Sheikh Mohammed bin Rashid’s vision

Iyad Malas, Chief Executive of Majid Al Futtaim Holding, rang the opening bell at Dubai Financial Market (DFM) today to celebrate the listing of a Sukuk by the company on NASDAQ Dubai, the Middle East’s international financial exchange.

The ceremony took place in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for Development of the Islamic Economy sector, as well as Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Committee, Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, and Daniele Vecchi, Senior Vice President, Group Treasury, Majid Al Futtaim Holding.

The listing of Majid Al Futtaim’s 400 million dollar Sukuk, which took place in July, brought the nominal value of Sukuk listed on Dubai’s exchanges to 11.08 billion dollars, the third largest total in the world. It was the sixth listing of 2013 and brought the total value of new Sukuk listings in Dubai this year to 4.4 billion dollars.

His Excellency Mohammed Abdulla Al Gergawi said: "Majid Al Futtaim’s Sukuk listing represents a new addition to the successes of the ‘Dubai, The Capital of the Islamic Economy’ initiative. The Committee will strengthen its activities aimed at expanding the Islamic initiative further, to increase the prosperity and wellbeing of the people of the UAE and the region as well as taking all necessary steps to realize the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to position the Emirate as the Capital of Islamic Economy globally, under the direct supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the patron of the initiative for developing the Islamic Economy in Dubai."

Iyad Malas, Chief Executive of Majid Al Futtaim Holding, said: "As a leading Dubai-based shopping, retail and leisure company with interests across MENA, we are delighted to list our securities on NASDAQ Dubai as the international exchange serving the region. Dubai’s expansion as a globally recognized centre for Islamic securities in particular makes the exchange a natural choice for our Sukuk, by enhancing its visibility to investors."

Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Higher Committee said: "Dubai’s exchanges will continue to expand their range of Islamic finance listings and solutions, with Sukuk at the forefront of development and innovation. The listing of Majid Al Futtaim’s Sukuk further demonstrates the ability of Dubai’s financial markets to meet the regulatory and visibility requirements of leading multinational companies."

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: "The Sukuk listing by Majid Al Futtaim, as a leading player in the UAE and regional economy, underlines the rapid expansion of Dubai as the venue of choice for listing fixed income securities. We will continue to enhance our services for UAE, regional and international Sukuk issuers including custody and transfer as well as listings."

Also attending the bell-ringing ceremony were Ahmed Bin Brek, Deputy Chief Executive of Majid Al Futtaim Holding; George Kostas, Chief Executive of Majid Al Futtaim Properties; Ahmed Ismail, Chief Executive of Majid Al Futtaim Ventures; and Shrimati Damal, Vice President & Deputy Treasurer of Majid Al Futtaim Holding.

Global Sukuk issuance reached 28 billion dollars in the second quarter of 2013, an increase of 14.6% from 24.4 billion dollars in the same quarter of 2012, according to Zawya.