Nasdaq Dubai lists $1bn sukuk by Ras Al Khaimah govt

The government of Ras Al Khaimah has listed a $1 billion sukuk on Nasdaq Dubai. 

The 10-year senior unsecured sukuk, which was listed at a profit rate of 5.038% on March 5, is due in 2035. It has been issued under the $2 billion trust certificate issuance programme of RAK Capital, a special-purpose vehicle affiliated with the RAK government. 

The order book exceeded $4.4 billion, displaying strong investor demand. 

“Listing on Nasdaq Dubai provides us with a transparent and well-regulated platform to engage with global investors," said Mohammed Sultan Al Qadi, managing director of the Investment and Development Office of Ras Al Khaimah. 

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market said that with government issuances making up 62% of Nasdaq Dubai's listings, this reinforces its position as the leading exchange for public fundraising. 

The latest listing follows RAK Capital's $500 million sukuk issuance that matured in October 2018 and the currently listed $1 billion Sukuk issued in 2015, which will mature by March-end.

The total value of sukuk listed on Nasdaq Dubai now exceeds $92.7 billion. The value of overall debt securities currently listed on exchange has reached $136.2 billion across 157 issuances.