ICD issues $1 billion sukuk

DUBAI / WAM

Investment Corporation of Dubai (ICD) successfully completed the issuance of a $1 billion 10-year sukuk. The sukuk was well received by regional and international investors and generated orders exceeding $3 billion.
The $1billion sukuk will be listed on the Nasdaq Dubai exchange and is the first to be issued from the region in 2017 and the second for ICD, following its debut in 2014.
International investor participation was robust with 26 percent of the issuance subscribed by investors based in the United Kingdom and Europe and 15 percent by investors based in Asia.
Regional investor participation consisted of 58 percent of the total subscription with the remaining 1 percent of the investors based around the rest of the world.
Mohammed Al Shaibani, Executive Director and CEO of ICD, said, “The interest and broad participation in the issuance demonstrate continued investor confidence in ICD’s ability to deliver on its mandate of providing a strong and stable foundation that supports the ongoing success of Dubai.”