05 Feb, 2014Mohamed Alabbar rings opening bell to mark listing of Emaar’s 2016 Sukuk on NASDAQ Dubai

• Dual listing by the global property developer adds new momentum to Dubai 's expansion as global Sukuk Centre

• Dubai Islamic Economy Development Centre welcomes listing as heralding new growth in Sharia’a capital markets

Mohamed Alabbar, Chairman of Emaar Properties PJSC, today rangthe market opening bell to mark the dual listing of a US$ 500 million (AED 1.84billion) Sukuk by the global property developer issued in 2011 on NASDAQ Dubai.

The new listing is part of efforts aimed at reinforcingDubai 's position as the global Sukuk centre in line with the vision of HisHighness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Ministerand Ruler of Dubai to transform Dubai into the capital of Islamic economyglobally.

The bell ceremony at Dubai Financial Market (DFM) tookplace in the presence of His Excellency Mohammed Abdulla Al Gergawi,Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid AlMaktoum and Chairman of the Board, Dubai Islamic Economy Development Centre; HE / Essa Kazim, Chairman of DFM and Secretary General of the Dubai Islamic Economy DevelopmentCentre; Abdul Wahed Al Fahim,Chairman of NASDAQ Dubai; and Hamed Ali, Chief Executive of NASDAQ Dubai.

Marking the first debt public offering out of the region in2011, the US$ 500 million 5.5 years Sukuk by Emaar was very well-received.Later in 2012, Emaar listed another US$500 million Sukuk maturing in 2019 onNASDAQ Dubai. Ten times oversubscribed, the Sukuk 's success underlined Emaar'sstrong value proposition and the credit standing of the company ininternational financial markets.

His Excellency Mohammed Abdulla AlGergawi,Chairmanof the Board, Dubai Islamic Economy Development Centre said:The successful issuance and listing of Emaar 's Sukuk is further evidence thatDubai is moving rapidly towards achieving the vision of His Highness Sheikh Mohammed BinRashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, toposition Dubai as the global capital of the Islamic Economy, under thedirection of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum,Crown Prince of Dubai and Chairman of the Executive Council. The listingheralds new growth in the Sharia’a capital markets as more companies andorganisations are choosing to fuel their development by using the Islamicfinancing opportunities provided by Dubai 's sophisticated issuance and listing infrastructure.

Mohamed Alabbar,Chairman of Emaar Properties, said: The strong international investor interest to ourinternational fixed-income offerings underlines the financial fundamentals ofEmaar, and our ability to create long-term value for our stakeholders through world-classprojects in Dubai and other international markets. The dual listing of our 2016Sukuk on NASDAQ Dubai, an international stock exchange serving the region,highlights our commitment to support the vision of His Highness Sheikh MohammedBin Rashid Al Maktoum and His Highness Sheikh Hamdan Bin Mohammed Bin Rashid AlMaktoum to establish Dubai as the global capital of the Islamic economy andfurther cement the city 's status as a leading business hub. In addition toproviding a world-class regulatory framework, the second listing of thewell-received Sukuk here in Dubai, opens doors to a larger cross-section ofinvestors from across the world.

His Excellency Essa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre, said: Islamic finance solutions are playing agrowing role in the services provided by Dubai 's exchanges to issuers andinvestors in the region and beyond. We will maintain our drive to streamlineand enhance our infrastructure to ensure that participants benefit from atransparent and efficient market, which in turn supports the growth anddevelopment of the economy as a whole.

Abdul Wahed Al Fahim, Chairman ofNASDAQ Dubai, said: NASDAQ Dubai is delighted to provide Emaar, asone of the most prominent companies in the Middle East, with a platform tosupport its further expansion. We will continually optimise our admissionpractices and procedures to ensure we remain highly competitive as a listingvenue for Sukuk as well as other asset classes.

NASDAQDubai has listed 10 Sukuk since the beginning of 2013 with a total nominalvalue of 6.1 billion dollars.