28 Jan, 2014Sunny Varkey rings the bell to celebrate listing of GEMS Education Sukuk on Nasdaq Dubai

Education sector benefits from Dubai 's growth as the capitalof the Islamic Economy

GEMS Education todaycelebrated the listing of a 200 million dollar (AED 735 million) Sukuk onNASDAQ Dubai, with founder and Chairman Sunny Varkey ringing the market openingbell at Dubai Financial Market (DFM).

The Sukuk listing by GEMS,which has focused on providing high quality education in the UAE andinternationally for over 50 years, demonstrates the growing social and economicbenefits provided by Islamic finance solutions in Dubai and adds furtherimpetus to the ‘Dubai, the Capital of the Islamic Economy’ global initiative.

The bell-ringing ceremonytook place in the presence of Essa Kazim, Chairman of Dubai Financial Market(DFM) and Secretary General of Dubai Islamic Economy Development Centre; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, ChiefExecutive of Nasdaq Dubai, in addition to representatives of Abu Dhabi Islamic Bank,Credit Suisse, Mashreq Bank and Morgan Stanley.

Dino Varkey, Group Chief Operating Officer atGEMS Education,said: The funding raisedby our Sukuk issuance enables GEMS Education to continue strengthening itscommitment to educational excellence, and meeting the needs of Dubai familiesas the emirate continues to move into the knowledge economy. Our listing onNASDAQ Dubai provides us with resources to build new schools, improve educationstandards and help Dubai grow into a world-class city with world-classeducation.

EssaKazim, Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy DevelopmentCentre, said: GEMS Education 's Sukukdemonstrates the versatility of the Islamic capital markets across differentindustries. Education has now joined sectors including banking, utilities,transport, property, retail and government, that have listed Sukuk on Dubai 'sexchanges over the past year, in line with the initiative of His HighnessSheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster andRuler of Dubai, to position Dubai as the global capital of the Islamic Economy,under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid AlMaktoum, Crown Prince of Dubai and Chairman of the Executive Council.

The nominal value of Sukuk currentlylisted in Dubai has now reached 13.28 billion dollars (AED 48.8 billion). Morethan 50% of that sum, amounting to 6.85 billion dollars (AED 25.2 billion), hascome from listings that have taken place since the beginning of 2013, makingDubai the third largest centre for Sukuk listings in the world.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai,said: Nasdaq Dubai will continue toenhance its services for issuers and their investors as it makes furtherprogress towards its goal of becoming the largest exchange in the world forSukuk, by listed value. We look forwardto welcoming Sukuk issuers from around the world as well as our own region, asthe asset class continues to grow in international popularity.

HamedAli, Chief Executive of Nasdaq Dubai,said: As economic momentum in theUAE and the region strengthens, Nasdaq Dubai is in discussion with a growingnumber of potential issuers who wish to list Sukuk and other Islamic securitiesthat satisfy their capital-raising needs. We are working continually to enhanceour platform and admissions framework in order to facilitate the listingprocess.

GEMS Education 's hybrid Sukuklisted on Nasdaq Dubai on November 24, 2013.