Nasdaq Dubai welcomes the listing of a USD 300 million Sukuk by real estate developer Sobha Realty. The Islamic issuance listing introduces a new dimension to the GCC sub-investment grade Sukuk market by becoming the first of its kind to include a call feature. The Sukuk, which has a tenor of five years, offers investors an attractive annual profit rate of 8.75%, which is payable semi-annually.
With this listing, Dubai further solidifies its position as a leading hub for regional and international debt listings, reaching a total value of USD 117 billion and reinforcing its prominence in the market.
Through this listing, Sobha’s Sukuk has paved the way for regional debut issuers by becoming the first corporate issuer from the region in a senior unsecured benchmark-sized format this year.
Also published on Medium.
