Majid Al Futtaim today rang the market-opening bell at Nasdaq Dubai to mark the listing of the world’s first benchmark corporate Green Sukuk and the first Green Sukuk issued by a corporate in the region.
Valued at US$600 million and with a tenor of ten years, the Green Sukuk will be used to finance and refinance company's existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency.
To mark the occasion, Alain Bejjani, CEO of Majid Al Futtaim - Holding, rang the market-opening bell in the presence of Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Islamic Economy Development Centre, Hamed Ali, Chief Executive of Nasdaq Dubai and members of Majid Al Futtaim’s leadership team.
"This issuance will enable Majid Al Futtaim to deliver more sustainable experiences for our customers and to address the implications of climate change. As we progress on our sustainability journey, we are extremely proud to list the world’s first benchmark corporate Green Sukuk and look forward to identifying and pioneering innovative ways to meet our ambition to be Net Positive by 2040," Bejjani noted.
He added, "The widespread interest from global investors in the bond indicates their confidence in our environmental, social and governance rating, BBB credit rating, and prudent financial and risk management approach. Investors’ faith in our vision empowers us to continue on our path to becoming one of the most environmentally sustainable companies within our industries."
With the Green Sukuk listing, the value of all debt instruments listed on Nasdaq Dubai by Majid Al Futtaim has reached $2.4 billion. The company’s other listings comprise one Sukuk of $500 million that listed in 2015, and two conventional bonds of $500 million each that listed in 2013 and 2014 respectively, and a $300 million tap on the 2014 bond that listed in 2016.
In preparation for the issuance of the Green Sukuk, Majid Al Futtaim recently established a Green Finance Framework and a Green Finance Steering Committee, which will oversee the selection of new and existing projects for the green portfolio.
Follow Emirates 24|7 on Google News.