UAE – Mubasher: Nasdaq Dubai has announced the listing of a $400 million Sukuk by Arada Developments, a UAE-based master developer.

This is Arada's second listing on Nasdaq Dubai and the first under their new $1 billion Sukuk programme, according to a bourse filing.

The five-year fixed-rate Sukuk saw strong demand, being oversubscribed by 3.50 times, and attracted a wide range of investors from Europe, the Middle East, and Asia.

This includes institutional investors, fund managers, high-net-worth individuals (HNWIs), and banks.

Local issuers contribute 44% of this total, while foreign issuers account for 56%. Overall, Nasdaq Dubai has a total value of $129 billion in listed bonds and Sukuk.

The listing underscores Dubai's status as a leading global hub for Sukuk, with the total value of Sukuk issuances now reaching $93 billion.

Ahmed Alkhoshaibi, Group CEO of Arada, said: “Over the past 12 months we have again delivered record results in terms of new project launches, sales and deliveries, all of which have contributed towards the significant worldwide interest in our new Sukuk programme.”

Hamed Ali, CEO of Nasdaq Dubai and DFM, commented: “The robust demand for this listing reflects the strong confidence that global investors have in the UAE's Islamic finance market and broader capital markets. This listing further solidifies Nasdaq Dubai's status as a leading market for Sukuk issuances.”

In June 2024, Emirates Islamic Bank listed its inaugural $750 million sustainability sukuk on Nasdaq Dubai.