Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), on Monday rang the bell for listing Dubai Electricity and Water Authority's (Dewa’s) sukuk worth $1 billion on Nasdaq Dubai.
The successful issue followed an initiative launched recently by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for transforming Dubai into a world hub for sukuk within his vision to establish the city as a capital of Islamic economy.
Sheikh Maktoum said: “Dubai has a market that provides a leading, integrated platform in the world in terms of regulatory and operational aspects and enjoys increasing trust of investors from around the world.
“We are ready to issue or list Islamic bonds with high rates of success and efficiency.”
The issuance of the Dewa sukuk was met positively by regional and global investors, leading to an increase in the value of sukuk listed on Nasdaq to $6.24 billion, while the value of sukuk listed in Dubai bourses rose to $10.173 billion.