Nasdaq Dubai Celebrates Listing Of Ras Al Khaimah's $1 Billion Sukuk Amid Strong Investor Demand

Nasdaq Dubai has recently added a new listing from the Government of Ras Al Khaimah. Acting through its Investment and Development Office (IDO), the government issued a 10-year US$1 billion senior unsecured Sukuk with a profit rate of 5.038 percent on 5th March 2025. This Sukuk, set to mature in 2035, is part of RAK Capital's $2 billion Trust Certificate Issuance Programme.

The issuance garnered significant interest from investors, with an orderbook surpassing $4.4 billion. This strong demand underscores the market's confidence in Ras Al Khaimah's economic stability and growth potential. The funds raised will support the emirate's economic expansion and infrastructure projects.

Mohammed Sultan Al Qadi, Managing Director at the IDO, marked this milestone by ringing the market-opening bell at Nasdaq Dubai. He was joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Al Qadi remarked, "This Sukuk issuance is a reflection of Ras Al Khaimah's prudent financial management and our commitment to long-term economic growth. The overwhelming investor response highlights the strength of our economic fundamentals, and listing on Nasdaq Dubai provides us with a transparent and well-regulated platform to engage with global investors."

Hamed Ali expressed his satisfaction with the listing, stating, "We are pleased to welcome Ras Al Khaimah's recent $1 billion Sukuk listing on Nasdaq Dubai. The strong investor demand reflects the deep and sustained appetite for high-quality sovereign debt. With government issuances making up 62 percent of Nasdaq Dubai's listings, this reinforces our position as the leading exchange for public fundraising, providing issuers with a trusted and well-regulated platform to access global capital markets."

This new listing adds to RAK Capital's history of Sukuk issuances on Nasdaq Dubai. Previous listings include a $500 million Sukuk that matured in October 2018 and another $1 billion Sukuk issued in 2015, which will mature by March 2025.

Nasdaq Dubai: A Hub for Islamic Finance

The total value of Sukuk listed on Nasdaq Dubai now exceeds $92.7 billion, reinforcing its status as a key player in Islamic finance globally. Overall, debt securities listed on Nasdaq Dubai have reached a total value of $136.2 billion across 157 issuances.

This development highlights Nasdaq Dubai's role as a central hub for Islamic finance and its ability to attract significant international investment interest.

With inputs from WAM