Ras Al Khaimah lists $1 billion sukuk on Nasdaq Dubai

Nasdaq Dubai has welcomed the listing of a $1 billion, 10-year senior unsecured Sukuk issued by the Government of Ras Al Khaimah (RAK) through its Investment and Development Office (IDO). The Sukuk, maturing in 2035, carries a profit rate of 5.038% and was issued under RAK Capital’s $2 billion Trust Certificate Issuance Programme, according to the Emirates News Agency.

The issuance saw strong investor demand, with the order book exceeding $4.4 billion, reflecting market confidence in Ras Al Khaimah’s economic stability and growth outlook.

To mark the listing, Mohammed Sultan Al Qadi, Managing Director at IDO, rang the market-opening bell at Nasdaq Dubai, joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), reported WAM.

Al Qadi emphasized that the Sukuk reflects RAK’s prudent financial management and commitment to long-term economic growth, with the strong investor response reinforcing confidence in the emirate’s economic fundamentals. Ali noted that government issuances now account for 62% of Nasdaq Dubai’s listings, reinforcing its status as a leading platform for sovereign and corporate fundraising, according to WAM.

This listing follows previous RAK Capital Sukuk issuances, including a $500 million Sukuk matured in 2018 and a $1 billion Sukuk issued in 2015, set to mature in March 2025.

With this latest addition, the total value of Sukuk listed on Nasdaq Dubai has surpassed $92.7 billion, while debt securities listings on the exchange now stand at $136.2 billion across 157 issuances, further cementing Nasdaq Dubai’s role as a global hub for Islamic finance, WAM wrote.