Nasdaq Dubai welcomes $1 billion Sukuk listing by RAK government
- 13 Mar 2025
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.
WAM