Dubai – Mubasher: Nasdaq Dubai has welcomed, on 13 March 2025, the listing of the Government of Ras Al Khaimah’s 10-year $1 billion senior unsecured Sukuk at a profit rate of 5.038% issued on 5 March, according to a press release.
The government is acting through the Investment and Development Office of Ras Al Khaimah (the IDO). The Sukuk, due in 2035, has been issued under the $2 billion Trust Certificate Issuance Programme of RAK Capital, a special-purpose vehicle affiliated with Ras Al Khaimah government and will support the emirate’s economic growth and infrastructure development plans.
The issuance attracted strong investor demand, with an orderbook exceeding $4.40 billion.
Managing Director at the IDO, Mohammed Sultan Al Qadi, said: "This Sukuk issuance is a reflection of Ras Al Khaimah’s prudent financial management and our commitment to long-term economic growth.”
Al Qadi added: “The overwhelming investor response highlights the strength of our economic fundamentals, and listing on Nasdaq Dubai provides us with a transparent and well-regulated platform to engage with global investors."
The CEO of Nasdaq Dubai and DFM, Hamed Ali, stated: “The strong investor demand reflects the deep and sustained appetite for high-quality sovereign debt. With government issuances making up 62% of Nasdaq Dubai’s listings, this reinforces our position as the leading exchange for public fundraising, providing issuers with a trusted and well-regulated platform to access global capital markets.”
This listing follows RAK Capital’s previous Sukuk issuances on the exchange, including the $500 million Sukuk that matured in October 2018 and the currently listed $1 billion Sukuk issued in 2015, which will mature by the end of March 2025.
With this listing, the total value of Sukuk listed on Nasdaq Dubai now exceeds $92.70 billion, further solidifying its position as a global hub for Islamic finance.
Overall, the value of debt securities currently listed on Nasdaq Dubai has reached $136.20 billion across 157 issuances.
