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Abu Dhabi Securities Exchange lists Aldar Investments $500mn Sukuk

Abu Dhabi Securities Exchange (ADX), the region’s leading financial market, together with Aldar Properties PJSC (“Aldar”), rang the market opening bell to celebrate the listing of Aldar Investments’ new sukuk, marking the first corporate sukuk ever to be listed on the exchange.

The sukuk, which was raised at a profit rate of 4.75% with a 7 year tenor, will start trading today under the code ALDARSUKUK2025. There was strong investor demand for the issue, reflecting Aldar Investments’ status as the region’s highest rated non-government related corporate. Aldar Investments is a 100% owned subsidiary of Aldar, whose shares are also listed on ADX.

Rashid Al Blooshi, chief executive of ADX and Talal Al Dhiyebi, chief executive of Aldar, were present at the bell ringing ceremony held to mark the dual listing of the sukuk, the first of its kind in the market. The sukuk was primarily listed on the Irish Stock Exchange and is now traded on Euronext Dublin, as well as Abu Dhabi Securities Exchange.

Rashed Al Blooshi said: “This dual listing is yet another testament to ADX’s leadership and excellence in the region’s securities markets. ADX has established itself as a preferred destination for listing and trading in the region. ADX has world-class infrastructure for listing and trading of diversified stocks, and it provides investors with the opportunity to invest their savings in a legal, stable and regulatory environment that adopts the best international practices in disclosure and transparency.”

Greg Fewer, chief financial officer of Aldar said: “We are pleased to celebrate the first day of trading for Aldar Investments’ new sukuk. Our goal is for Aldar Investments to be the most cost-efficient platform for real estate ownership in the region. The lower cost of capital resulting from the successful sukuk issue is a significant step towards that goal.”

In May 2018, the exchange listed sovereign bonds worth USD100mn, issued by the Ministry of Finance and the Maldivian Treasury on behalf of the Maldives Government, for the Abu Dhabi Fund for Development. The listing was the first of its kind in the UAE and the region.

ADX seeks to become the preferred listing and trading platform, and strives to consolidate its position as a leading market in the region by providing the most innovative products and services to ensure a fair and secure investment environment. It also aims to strengthen the local economy and its sustainable development, in line with the Abu Dhabi Plan by developing the financial services sector, creating an attractive business and investment environment in the emirate.

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