Download Mohamed Alabbar rings opening bell to mark listing of Emaar`s 2016

Mohamed Alabbar rings opening bell to mark listing of
Emaar’s 2016 Sukuk on NASDAQ Dubai
 Dual listing by the global property developer adds new momentum to
Dubai’s expansion as global Sukuk Centre
 Dubai Islamic Economy Development Centre welcomes listing as
heralding new growth in Sharia’a capital markets
Dubai, February 5, 2014 –Mohamed Alabbar, Chairman of Emaar Properties PJSC,
today rang the market opening bell to mark the dual listing of a US$ 500 million
(AED 1.84 billion) Sukuk by the global property developer issued in 2011 on
NASDAQ Dubai.
The new listing is part of efforts aimed at reinforcing Dubai’s position as the
global Sukuk centre in line with the vision of His Highness Sheikh Mohammed Bin
Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai to
transform Dubai into the capital of Islamic economy globally.
The bell ceremony at Dubai Financial Market (DFM) took place in the presence of
His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office
of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the
Board, Dubai Islamic Economy Development Centre; HE / Essa Kazim, Chairman of
DFM and Secretary General of the Dubai Islamic Economy Development Centre;
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai; and Hamed Ali, Chief
Executive of NASDAQ Dubai.
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Marking the first debt public offering out of the region in 2011, the US$ 500
million 5.5 years Sukuk by Emaar was very well-received. Later in 2012, Emaar
listed another US$500 million Sukuk maturing in 2019 on NASDAQ Dubai. Ten
times oversubscribed, the Sukuk’s success underlined Emaar's strong value
proposition and the credit standing of the company in international financial
markets.
His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Board, Dubai
Islamic Economy Development Centre said: “The successful issuance and listing
of Emaar’s Sukuk is further evidence that Dubai is moving rapidly towards
achieving the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum,
UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the
global capital of the Islamic Economy, under the direction of His Highness Sheikh
Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and
Chairman of the Executive Council. The listing heralds new growth in the Sharia’a
capital markets as more companies and organisations are choosing to fuel their
development by using the Islamic financing opportunities provided by Dubai’s
sophisticated issuance and listing infrastructure.”
Mohamed Alabbar, Chairman of Emaar Properties, said: “The strong
international investor interest to our international fixed-income offerings
underlines the financial fundamentals of Emaar, and our ability to create long2
term value for our stakeholders through world-class projects in Dubai and other
international markets. The dual listing of our 2016 Sukuk on NASDAQ Dubai, an
international stock exchange serving the region, highlights our commitment to
support the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum to establish
Dubai as the global capital of the Islamic economy and further cement the city’s
status as a leading business hub. In addition to providing a world-class regulatory
framework, the second listing of the well-received Sukuk here in Dubai, opens
doors to a larger cross-section of investors from across the world.”
His Excellency Essa Kazim, Chairman of Dubai Financial Market (DFM) and
Secretary General of Dubai Islamic Economy Development Centre, said: “Islamic
finance solutions are playing a growing role in the services provided by Dubai’s
exchanges to issuers and investors in the region and beyond. We will maintain our
drive to streamline and enhance our infrastructure to ensure that participants
benefit from a transparent and efficient market, which in turn supports the
growth and development of the economy as a whole.”
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “NASDAQ Dubai is
delighted to provide Emaar, as one of the most prominent companies in the
Middle East, with a platform to support its further expansion. We will continually
optimise our admission practices and procedures to ensure we remain highly
competitive as a listing venue for Sukuk as well as other asset classes.”
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NASDAQ Dubai has listed 10 Sukuk since the beginning of 2013 with a total
nominal value of 6.1 billion dollars.
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About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a
significant presence in the Middle East, North Africa and Asia. A provider of premium lifestyles through
its world-class portfolio of integrated communities, the company also has proven competencies in
shopping malls & retail, and hospitality & leisure. Burj Khalifa, the world's tallest building, and The Dubai
Mall, the world’s largest shopping and entertainment destination, are among Emaar’s trophy
developments.
Emaar is currently expanding The Dubai Mall’s Fashion Avenue by 1 million sq ft and also redefining the
cultural scene of the city with The Opera District in Downtown Dubai, to feature the city’s first opera
house and several art and design galleries. The company is partnering with Meraas Holding to develop
Dubai Hills Estate, the first phase of Mohammed Bin Rashid City (MBR City). Emaar and Dubai Holding
have also joined hands to develop a magnificent 1,500-acre mixed-use waterfront development within
MBR City that draws inspiration from the Dubai Creek.
Among other mega-projects of Emaar is the King Abdullah Economic City in Saudi Arabia the region's
largest private sector-led project. Emaar is also the largest foreign direct investor in India’s real estate
sector and its joint venture has a country-wide presence covering the residential, commercial, retail and
hospitality sectors. www.emaar.com
About NASDAQ Dubai
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and
East Asia. It welcomes regional as well as global issuers that seek regional and international investment.
The exchange currently lists shares, derivatives, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of NASDAQ Dubai is Dubai Financial Market with a two-thirds stake. Borse
Dubai owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services
Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
About Dubai Financial Market
Dubai Financial Market (DFM) was established as a public institution with its own independent
corporate body. DFM operates as a secondary market for the trading of securities issued by public
shareholding companies, bonds issued by the Federal Government or any of the local Governments and
public institutions in the country, units of investment funds and any other financial instruments, local or
foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000.
Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing
20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company. Following
the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse
Dubai Limited. www.dfm.ae
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