Damac Properties marks listing of $500mn Sukuk

DUBAI / WAM

Hussain Sajwani, Chairman of Damac Properties, rang the market opening bell to celebrate the listing of $500 million Sukuk, issued by Damac Real Estate Development Limited (DRED) on Nasdaq Dubai. DRED is a wholly owned subsidiary of Damac Properties PJSC.
The listing on the region’s international exchange supports Damac Properties’ capital-raising initiative as it pursues its property development strategy, which includes a footprint that extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.
The Sukuk received strong interest from institutional investors across the Middle East, Europe and Asia. It is the second Sukuk listed by Dubai-based Damac Properties on Nasdaq Dubai, following a $650 million listing in April 2014.
Hussain Sajwani said, “Our latest Sukuk listing provides valuable financial underpinning for our strategy of delivering luxury living to the region, including a development portfolio of more than 44,000 residential units at various stages of progress and planning, as well as over 13,000 hotel rooms and hotel apartments under development.”