Nasdaq Dubai Welcomes Ras Al Khaimah's $1B Sukuk Listing

In a significant development for the Islamic finance sector, Nasdaq Dubai has welcomed the listing of a $1 billion Sukuk issued by the Government of Ras Al Khaimah. This senior unsecured Sukuk, maturing in 2035, was issued under the $2 billion Trust Certificate Issuance Programme of RAK Capital. The issuance, which attracted an impressive orderbook exceeding $4.4 billion, underscores the robust market confidence in Ras Al Khaimah's economic stability and growth prospects.

The listing ceremony was graced by Mr. Mohammed Sultan Al Qadi, Managing Director at the Investment and Development Office of Ras Al Khaimah, who rang the market-opening bell at Nasdaq Dubai. He emphasized the Sukuk issuance as a testament to Ras Al Khaimah’s prudent financial management and commitment to long-term economic growth. The overwhelming investor response highlights the strength of Ras Al Khaimah's economic fundamentals, providing a transparent and well-regulated platform to engage with global investors.

Mr. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), expressed his pleasure at welcoming Ras Al Khaimah’s Sukuk listing. He noted that the strong investor demand reflects a deep and sustained appetite for high-quality sovereign debt. With government issuances making up 62% of Nasdaq Dubai’s listings, this event reinforces Nasdaq Dubai's position as a leading exchange for public fundraising, offering issuers a trusted platform to access global capital markets.

This listing adds to RAK Capital’s previous Sukuk issuances on the exchange, including a $500 million Sukuk that matured in October 2018 and a $1 billion Sukuk issued in 2015, set to mature by the end of March 2025. With this new listing, the total value of Sukuk listed on Nasdaq Dubai now exceeds $92.7 billion, further solidifying its status as a global hub for Islamic finance. Overall, the value of debt securities listed on Nasdaq Dubai has reached $136.2 billion across 157 issuances.

For investors considering the Dubai Financial Market, the listing of Ras Al Khaimah's Sukuk reflects a positive outlook for the region's financial and economic environment. However, given the neutral view on the future of the company, it may be prudent to hold the instrument for now. The robust investor confidence and the strategic position of Nasdaq Dubai in the Islamic finance sector provide a solid foundation for future growth, but investors should continue to monitor developments closely.