Damac unit lists $500m sukuk on Nasdaq Dubai

Damac unit lists $500m sukuk on Nasdaq Dubai
DAMAC rings bell to celebrate listing of $500 million sukuk on Nasdaq Dubai (Photo Credit: Press Release)
Damac DAMAC -0.67% 2.97 -0.02

Dubai – Mubasher: Damac Properties celebrated the listing of a $500 million sukuk issue by its wholly owned subsidiary DAMAC Real Estate Development Limited (DRED) on Nasdaq Dubai, according to a statement.

The listing supports Damac’s capital-raising initiative as part of its property development strategy, which includes expansion across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan, and Lebanon.

This is the second listing by Damac on Nasdaq, following a $650 million sukuk listed in April 2014.

“Our latest sukuk listing provides valuable financial underpinning for our strategy of delivering luxury living to the region, including a development portfolio of more than 44,000 residential units at various stages of progress and planning, as well as more than 13,000 hotel rooms and hotel apartments under development,” according to Damac’s chairman Hussain Sajwani.

“We continue to seek land acquisition opportunities in prime areas of Dubai and beyond and this funding supports our plans whilst also enabling us to remain prudent in our management of liabilities,” he added.

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Source: Mubasher