Dubai – Mubasher: Nasdaq Dubai has welcomed the listing of AED 1.5 billion ($400 million) sukuk by Damac Real Estate Development (DRED), a wholly-owned subsidiary of Damac Properties.

The recent listing will support Damac Properties’ capital increase programme and its ongoing growth strategy, as the Dubai-listed developer expands in the Middle East and the UK, according to a company statement released on Sunday.

“DAMAC continues to expand its development portfolio at home and internationally, as we seek out strategic investments that would enable us to expand our footprint into key global markets,” DAMAC Properties’ chairman Hussain Sajwani commented.

The Sukuk was sold to investors from the Middle East, Europe, and Asia, which reflects DAMAC Properties’ international presence.

The recent listing is DAMAC Properties’ third sukuk listing on Nasdaq Dubai after the listing of $650 million Sukuk in April 2014 and $500 million sukuk in April 2017.

“This issuance and listing by one of the region’s leading real estate developers underline the leading role played by Dubai as an international centre of Sukuk expertise and activity,” Nasdaq Dubai’s chairman Abdul Wahed Al Fahim said.

Total nominal value of the sukuk listed in Dubai reached AED 219.36 billion ($59.72 billion).