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"We continually strive to diversify our funding base. The Sukuk platform helps complement and solidify GE's growing presence in the region and allows us to attract incremental liquidity from Islamic investors. We are proud to announce our secondary listing on the NASDAQ Dubai and look to continue supporting the region in our ongoing efforts."
said Aris Kekedjian, President and CEO, GE Capital Middle East & Africa Ltd.
NASDAQ Dubai now has 22 listed Sukuk with a nominal value of $17.2bn. Other issuers on the exchange are based in Bahrain, Kuwait, Saudi Arabia, Malaysia and the UAE.
Chief Executive of NASDAQ Dubai Jeff Singer said: "The listing of this Sukuk by one of the most prominent companies in the world is an important step in the growth of NASDAQ Dubai as a centre of the global Islamic finance industry. Sukuk have become an increasingly significant segment of global financial services, serving a widening base of issuers and investors."
GE Capital's five-year, fixed-rate dollar-denominated Sukuk is an Ijara based structure and was issued through GE Capital Sukuk Ltd, a subsidiary of GE Capital. The assets underlying the sukuk are interests in a portfolio of aircraft and rental payments from the lease of such aircraft.
With regional activity since the 1930's, GE's presence today comprises a wide array of established projects across the region via strategic partnerships, investments, and solutions, with a focus on infrastructure development and major challenges such as cleaner energy and transportation, water scarcity and improved healthcare systems.
Posted by Rima Ali Al Mashni
