Latest news with #RAKCapital
Gulf Today
13-03-2025
- Business
- Gulf Today
Nasdaq Dubai welcomes $1 billion Sukuk listing by RAK government
Nasdaq Dubai today welcomed the listing of the Government of Ras Al Khaimah's, acting through the Investment and Development Office of Ras Al Khaimah (IDO), 10-year US$1 billion senior unsecured Sukuk at a profit rate of 5.038 percent issued on 5th March 2025. 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 the Government of Ras Al Khaimah, and will support Ras Al Khaimah's economic growth and infrastructure development plans. The issuance attracted strong investor demand, with an orderbook exceeding $4.4 billion, indicating market confidence in Ras Al Khaimah's economic stability and growth prospects. Mohammed Sultan Al Qadi, Managing Director at the IDO, rang the market-opening bell at Nasdaq Dubai on behalf of the Government of Ras Al Khaimah to celebrate the listing in the presence Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). 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. 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.' Ali, in turn, stated, 'We are pleased to welcome Ras Al Khaimah's recent $1 billion Sukuk listing on Nasdaq Dubai. The strong investor demand reflects the deep and sustained appetite for high-quality sovereign debt. With government issuances making up 62 percent 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 $92.7 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 $136.2 billion across 157 issuances.
Khaleej Times
13-03-2025
- Business
- Khaleej Times
Value of debt securities listed on Nasdaq Dubai crosses $136 billion
With the latest $1 billion listing by the Government of Ras Al Khaimah, the total value of sukuk listed on Nasdaq Dubai now exceeds $92.7 billion, further enhancing its position as a global hub for Islamic finance. The listing, a 10-year $1 billion senior unsecured sukuk at a profit rate of 5.038 per cent issued on March 5, was through the Investment and Development Office of Ras Al Khaimah. Overall, now the value of debt securities currently listed on Nasdaq Dubai has reached $136.2 billion across 157 issuances. Fitch Ratings anticipates a vibrant UAE debt capital market (DCM) in 2025, and predicts it to grow to $400 billion over the next few years. This growth will be propelled by funding diversification, upcoming debt maturities, infrastructure financing, regulatory reforms, and the Dirham Monetary Framework (DMF) implantation, the ratings agency said. Due in 2035, the new sukuk has been issued under the $2 billion trust certificate issuance programme of RAK Capital, a special-purpose vehicle affiliated with the Government of Ras Al Khaimah, and will support the emirate's economic growth and infrastructure development plans. The issuance attracted strong investor demand, with an orderbook exceeding $4.4 billion, indicating market confidence in Ras Al Khaimah's economic stability and growth prospects. Mohammed Sultan Al Qadi, managing director at the IDO, rang the market-opening bell at Nasdaq Dubai on behalf of the Government of Ras Al Khaimah to celebrate the listing, in the presence Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). 'This Sukuk issuance is a reflection of Ras Al Khaimah's prudent financial management and our commitment to long-term economic growth. 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,' said Al Qadi. Ali said the strong investor demand reflects the deep and sustained appetite for high-quality sovereign debt. 'With government issuances making up 62 per cent 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. According to Fitch, A favourable funding environment, with projected lower US Federal Reserve interest rates in 2025, and declining oil prices could further stimulate the diverse DCM. 'Nasdaq Dubai continues to be a key global listing venue for Sukuk. After surpassing $300 billion and up just over 10 per cent from last year, the UAE DCM is on track to reach $400 billion, driven by strategic diversification and reforms,' says Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings. 'The UAE continues to be a key part of the global sukuk landscape, with 92 per cent of its sukuk being investment-grade, nearly all of its sukuk issuers on stable outlooks. No defaults in 2024 highlight the market stability, supported by the evolving Dirham Monetary Framework and favourable funding conditions,' Al Natoor said. The UAE was the third-largest dollar debt issuer in emerging markets (excluding China) and the second-largest DCM among GCC countries in 2024.
Zawya
13-03-2025
- Business
- Zawya
Nasdaq Dubai welcomes $1bln Sukuk listing by RAK government
Nasdaq Dubai today welcomed the listing of the Government of Ras Al Khaimah's, acting through the Investment and Development Office of Ras Al Khaimah (IDO), 10-year US$1 billion senior unsecured Sukuk at a profit rate of 5.038 percent issued on 5th March 2025. 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 the Government of Ras Al Khaimah, and will support Ras Al Khaimah's economic growth and infrastructure development plans. The issuance attracted strong investor demand, with an orderbook exceeding $4.4 billion, indicating market confidence in Ras Al Khaimah's economic stability and growth prospects. Mohammed Sultan Al Qadi, Managing Director at the IDO, rang the market-opening bell at Nasdaq Dubai on behalf of the Government of Ras Al Khaimah to celebrate the listing in the presence Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). 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. 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." Ali, in turn, stated, "We are pleased to welcome Ras Al Khaimah's recent $1 billion Sukuk listing on Nasdaq Dubai. The strong investor demand reflects the deep and sustained appetite for high-quality sovereign debt. With government issuances making up 62 percent 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 $92.7 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 $136.2 billion across 157 issuances.
Al Etihad
10-03-2025
- Business
- Al Etihad
Ras Al Khaimah Government completes US$1 billion sukuk issuance
6 Mar 2025 17:11 RAS AL KHAIMAH (WAM)The Government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah, successfully closed its offering of a 10-year US$1 billion senior unsecured sukuk at a profit rate of [5.038%] on 5th March Government of Ras Al Khaimah tapped the international debt capital market after 10 years and the issuance of the sukuk was completed on 5th March 2025 under the Government of Ras Al Khaimah's US$2 billion Trust Certificate Issuance Programme which was signed on 28th February 2025 (the Programme).The sukuk was issued under the Programme by RAK Capital, a special purpose vehicle affiliated with the Government of Ras Al issuance follows S&P Global Ratings' affirmation of its 'A' rating and Fitch's affirmation of its 'A+' rating on RAK Capital's sukuk programme, which is in line with the credit agencies' ratings for the Government of Ras Al sukuk is consistent with the most recent Shari'a developments, as promulgated by the UAE Central Bank Higher Shari'a Authority, with the sale of the ijara assets being an enforceable sale with a specific exemption by decree for registration of the real estate ijara assets. In this manner, the Government of Ras Al Khaimah has adhered to the most Shari'a-compliant Government of Ras Al Khaimah announced the issuance on 3rd March 2025 and conducted virtual roadshows to meet multiple investors from across the globe, including Asia, the GCC, Europe and the the successful roadshow, RAK Capital priced the transaction on 5th March 2025 while listing the sukuk on the Nasdaq transaction was launched at an Initial Pricing Guidance of 10-year US Treasury plus 120 bps. Strong investor demand and an orderbook of over US$4.4 billion enabled the Government of Ras Al Khaimah to compress the final pricing by 40 bps to 10-year US Treasury plus 80 issuance was subscribed by global investors including 57.8% from MENA, 35% from the UK/continental Europe and 7.2% from Asia/ and Emirates NBD Capital acted as Structuring Advisors, while Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, RAKBANK and Standard Chartered Bank acted as Joint Global Coordinators. An official spokesperson for the Government of Ras Al Khaimah said, 'The Government of Ras Al Khaimah is delighted with the overwhelming response that we have received from investors globally. The strong investor demand demonstrates confidence in Ras Al Khaimah's creditworthiness, fiscal management and economic fundamentals, which is exemplified by the high oversubscription level of 4.4 times for the issuance. The New Issue Concession priced into the deal was -10 bps, which is a clear recognition of Ras Al Khaimah's strong credit position and a stamp of approval from the international investor community for the Emirate's remarkable growth and success story.'
Khaleej Times
09-03-2025
- Business
- Khaleej Times
Ras Al Khaimah government completes $1 billion sukuk issuance
The Government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah, successfully closed its offering of a 10-year $1 billion senior unsecured sukuk at a profit rate of 5.038 per cent on March 5, a statement said. The Government of Ras Al Khaimah tapped the international debt capital market after 10 years and the issuance of the sukuk was completed under the government's $2 billion trust certificate issuance programme which was signed on February 28. The sukuk was issued under the programme by RAK Capital, a special purpose vehicle affiliated with the Government of RAK. The issuance follows S&P Global Ratings' affirmation of its 'A' rating and Fitch's affirmation of its 'A+' rating on RAK Capital's sukuk programme, which is in line with the credit agencies' ratings for the emirate's government. The sukuk is consistent with the most recent Shariah developments, as promulgated by the UAE Central Bank Higher Shariah Authority, with the sale of the ijara assets being an enforceable sale with a specific exemption by decree for registration of the real estate ijara assets. 'In this manner, the RAK Government has adhered to the most Shariah-compliant structure,' a statement said. The RAK government announced the issuance on March 3 and conducted virtual roadshows to meet multiple investors from across the globe, including Asia, the GCC, Europe and the UK. Following the successful roadshow, RAK Capital priced the transaction on March 5 while listing the sukuk on Nasdaq Dubai. The transaction was launched at an initial pricing guidance of 10-year US Treasury plus 120 bps. Strong investor demand and an orderbook of over $4.4 billion enabled the government to compress the final pricing by 40 bps to 10-year US Treasury plus 80 bps. The issuance was subscribed by global investors including 57.8 per cent from Mena, 35 per cent from the UK/continental Europe and 7.2 per cent from Asia and others. Citi and Emirates NBD Capital acted as structuring advisers, while Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, RAKBANK and Standard Chartered Bank acted as joint global coordinators. An official spokesperson said: 'The Government of Ras Al Khaimah is delighted with the overwhelming response that we have received from investors globally. The strong investor demand demonstrates confidence in Ras Al Khaimah's creditworthiness, fiscal management and economic fundamentals, which is exemplified by the high oversubscription level of 4.4 times for the issuance. The New Issue Concession priced into the deal was -10 bps, which is a clear recognition of Ras Al Khaimah's strong credit position and a stamp of approval from the international investor community for the Emirate's remarkable growth and success story.'
