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This is the second Sukuk that Nakheel has issued. The first issue, the world's largest at $3.52bn, was listed on the DIFX in December 2006. In the case of both issues, under certain conditions, investors will have the right to subscribe for up to a certain amount of shares in any future Qualifying Public Offering of any entity of the Nakheel Group, undertaken prior to the redemption of the Sukuk.
Kar Tung Quek, Chief Financial Officer of Nakheel said: 'Like our first Sukuk, this issue was very well received by investors looking for exposure to our global property and other businesses as they expand.
'Investor confidence is reinforced by the Sukuk's listing on the DIFX, as the region's international exchange with first class standards of regulation.'
Per E. Larsson, Chief Executive of the DIFX, said: 'Sukuk are a rapidly expanding asset class, with $41.24bn issued globally in 2007, a 63% increase from 2006. The DIFX will strengthen its leading role in the Sukuk sector as part of its wider strategy of leadership in Islamic finance.'
Nakheel's $750m Sukuk was issued by J.P. Morgan Securities Limited with a Sukuk al-Ijara structure maturing on January 16, 2011. J.P. Morgan was the sole bookrunner, lead manager and underwriter. The Sukuk is listed exclusively on the DIFX.
Hamed Ali, Executive Officer of the DIFX, said: 'This is the ninth Sukuk from a UAE issuer to come to the DIFX, joining other Sukuk listings from a range of other issuers in the Middle East and East Asia.
'The DIFX offers issuers the visibility and high profile that come with listing on an exchange that is based in the Middle East and closely connected to the regional and international financial services community.'
Nakheel lists second Sukuk issue on the DIFX at $750m
Nakheel, a member of Dubai World has listed an issue of $750m Trust Certificates (the Sukuk) on the Dubai International Financial Exchange (DIFX), the world's largest exchange for Sukuk by listed value.
- United Arab Emirates: Monday, January 21 - 2008 at 16:55
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About DIFXThe DIFX is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as international issuers that seek regional and international investment.
The exchange opened in September 2005 and currently has 19 Members - ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Daman Securities International, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), DP World (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Unigold Inc (ordinary shares); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic Products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), Dar Al Arkan International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), JAFZ Sukuk (Sukuk), Nakheel Development (Sukuk), Nakheel Development 2 (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank, Merrill Lynch, Morgan Stanley
The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is owned by Borse Dubai Limited, a holding company which also owns the Dubai Financial Market. The DIFX is located in the Dubai International Financial Centre.
www.difx.ae
About Nakheel
Nakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century: creating a world class destination for living, business, and tourism.
Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai across a range of sectors - residential, commercial, retail, and leisure. Nakheel's developments spread across more than two billion sq ft of land, and its projects are projected to be worth $60bn. Upon completion Nakheel's waterfront projects will have added more than 1000km of shoreline to Dubai's coastline.
Nakheel's portfolio currently includes The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira, The World, Waterfront, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, Dragon Mart Complex, Dubai Promenade, and Dubai Design Centre.
Nakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries.
- All information provided is correct at time of printing/release
- As masterplans for projects have the flexibility to evolve, facts and specific statistics may change in the future. Please ensure you contact us on a regular basis on nakheel@fourcommunications.com for regular updates or visit the online Nakheel Media Centre at www.nakheelmediacentre.com
Further information can be found at www.nakheel.com.
For further information on the DIFX, please contact:
Mark Fisher
Dubai International Financial Exchange
Tel: +971.4.3622451
Amira Abdulla
Dubai International Financial Centre
Tel: +971.4.362.2433
Posted by Lara Lynn Golden, News EditorMonday, January 21 - 2008 at 16:55 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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