GFH to list $200m sukuk on Nasdaq Dubai

Gulf Finance House, the Bahrain-based Islamic investment bank, plans to list its upcoming $200 million (Dh734 million) sukuk (Islamic bond) on Nasdaq Dubai.

The company said in a statement to Dubai Financial Market on Tuesday that it has signed a Memorandum of Understanding with the Dubai bourse to list the Islamic bond.

GFH said it plans to use the proceeds from the sukuk to repay current outstanding sukuk of $84 million and undertake business acquisitions for financial consolidation and project development in Bahrain and Dubai.

The $200 million sukuk will take place in the coming months and a date will be announced later after the approval by the regulatory authorities, it said.

In April 2014, GFH obtained shareholder approval for the sukuk issuance or new debt facilities of up to $500 million.

GFH announced in July 2014 that that it has signed a land sale agreement with Dubai Properties Group to establish a new mixed-use residential development in Dubailand district.

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