Emirates airline's $913 million sukuk listed on Nasdaq Dubai

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, on Wednesday rang the market-opening bell to celebrate the listing of a $913 million Sukuk by Emirates Airline on Nasdaq Dubai.

The listing brings the total value of Sukuk listed on Dubai’s exchanges to $34.96 billion, reinforcing Dubai’s position as an international centre for Sukuk activity and underlining its growth as the global capital of the Islamic economy.

The bell ceremony took place in the presence of Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre, DIEDC,  and Chairman of Dubai Financial Market, DFM, Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.

Other guests present at the ceremony included Philip Parham, British Ambassador to the UAE and Edward Hobart, UK Consul General to the UAE. Key stakeholders in the Sukuk transaction present at the ceremony included UK Export Finance, represented by Gareth Waterhouse, as well as senior representatives from eight banks.  A number of Emirates executives were also present.

Sheikh Ahmed bin Saeed said, "As Emirates continues to strengthen its global network and fleet, Nasdaq Dubai’s exceptional links to international and regional investors provide us with an effective platform to support our aircraft financing initiatives. Its stature as the international exchange serving our home region, operating to high regulatory standards, makes Nasdaq Dubai an ideal listing venue for Emirates. This transaction set many new milestones including being the first time that a Sukuk has been used to finance  and pre-fund the acquisition of our A380 aircraft. We are pleased with the tremendous response and confidence that investors have in Emirates, and will continue our strategy to maintain a diverse portfolio of financing sources."

Essa Kazim, Governor of DIFC, Secretary-General of DIEDC and Chairman of DFM, said, "This Sukuk listing by one of the UAE’s most prominent and dynamic enterprises further advances the growth of Dubai as the global Capital of Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice- President and Prime Minster of the UAE and Ruler of Dubai. Dubai’s exchanges will continue to strengthen their expertise and services in the Sukuk sector."

Emirates Airline’s $913 million Sukuk listed on Nasdaq Dubai on April 1, 2015. It follows the airline’s listing of $1 billion Sukuk on the exchange on March 20, 2013.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, "The exchange is delighted to support the successful development of Dubai’s transportation sector through hosting this listing by Emirates Airline. We look forward to listing further Sukuk issued by regional and international companies active in a wide range of industry sectors."

Hamed Ali, Chief Executive of Nasdaq Dubai, said, "Nasdaq Dubai is positioned to play an increasingly important role in the growth of Islamic products, as they broaden their appeal to investors in diverse regions of the world. Our global investor links and efficient exchange infrastructure complement our role as the international exchange located in the heart of the Muslim world."






 

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