NASDAQ Dubai

APICORP lists $500 million #Sukuk on Nasdaq Dubai

Nasdaq Dubai has welcomed the listing of a $500 million Sukuk by APICORP, the development bank of the Arab world’s oil and gas industries. The transaction is APICORP’s second Sukuk listing on Nasdaq Dubai, as the first was in January 2016. The Sukuk was issued under a $3 billion Sukuk programme and is aimed at diversifying its funding sources. APICORP’s activities include equity investment, debt financing, financial advisory and energy research services. Sukuk listings in the Emirate currently totals at $52.97 billion. 11 Sukuk listings have taken place so far in 2017 on Nasdaq Dubai with a total value of $10.25 billion.

Nasdaq Dubai and IdealRatings launch Islamic bond indices

Nasdaq Dubai and IdealRatings have launched a suite of indices tracking the performance of global Islamic bonds. The indices may serve as the underlying to future investment products including exchange-traded funds. To be eligible for inclusion in the indices, each bond must have a minimum size of at least $100m, a remaining time to maturity of at least three months, and must be approved by a Shariah accredited board. The Nasdaq Dubai IdealRatings Sukuk Index family comprises the Global Sukuk Index as well as several indices covering distinct segments of the market. They include investment grade issuances, issuances by sovereigns, issuances by corporates, issuances by financial institutions and Gulf Cooperation Council (GCC) issuances. As of 1 October 2016 the Global Sukuk Index has returned 3.1% year-to-date and 15.2% since the index’s base date of 1 November 2012.

Nasdaq Dubai, IdealRatings launch benchmark indices to track performance of #Sukuk

Nasdaq Dubai and IdealRatings has announced the launch of benchmark indices that track the performance of global Sukuk, in order to provide investors with new data to make informed trading decisions. The data includes daily movements in price and total return, with monthly updates on yield and other key indicators. It tracks a universe of more than 1,800 Sukuk globally, with eligibility criteria including a minimum issue size of 100 million US dollars. The Global Sukuk Index covers all currencies and has five sub-indices. The sub-indices reflect distinct segments of the market, which are: investment grade issuances, issuances by sovereigns, issuances by corporates, issuances by financial institutions and GCC issuances. According to Hamed Ali, CEO of Nasdaq Dubai, the indices add a valuable new stream of information to investors’ existing trading tools.

Dubai plans new sukuk channels as listings top other centres

Dubai has overtaken other financial centres in listing Islamic bonds on its exchanges, and is mounting a global drive to attract more listings while developing new channels to trade sukuk, Hamed Ahmed Ali, the chief executive of Nasdaq Dubai said. The exchange is working on ways to sell sukuk directly to retail investors, expanding the primary market beyond institutional buyers, and designing a sharia-compliant repurchase agreement, he said. Until 2013, issuers from the Gulf usually chose European exchanges to list sukuk; that has begun changing. Unlike Europe, Dubai has a stable of local state-linked firms which can be encouraged to issue sukuk and list them locally. Also, Dubai is at the heart of a Muslim region, which both supplies sukuk and provides investor demand, Ali said.

Fear of floating: Raising finance in the Gulf

Dubai capital market seems to be lively again after two new Islamic bonds in value of $500m respectively $650m has been issued this year. After a long period of uncertainity, this should be a turning point for secondary market as well as key driver for region's capital markets in order to get back on the desired growth path.

See more under: http://www.arabianbusiness.com/fear-of-floating-raising-finance-in-gulf-...

NASDAQ Dubai welcomes its planned acquisition by Dubai Financial Market

NASDAQ Dubai welcomes the announcement made today by Dubai Financial Market (DFM), by which DFM has made an offer to acquire NASDAQ Dubai, subject to regulatory approvals. Under the new ownership structure, DFM and NASDAQ Dubai will develop closer operational links.

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