Emirates lists US$913m sukuk on Nasdaq Dubai

Emirates lists US$913m sukuk on Nasdaq Dubai

DUBAI, U.A.E. His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, has rung the market-opening bell to celebrate the listing of a US$913 million sukuk by Emirates Airline on Nasdaq Dubai.

The listing brings the total value of sukuk listed on Dubai’s exchanges to US$34.96 billion, reinforcing Dubai’s position as an international centre for sukuk activity and underlining its growth as the global capital of the Islamic economy.

Guests present at the ceremony included Philip Parham, the British Ambassador to the UAE, and Edward Hobart, UK Consul General to the UAE. Key stakeholders in the sukuk transaction present at the ceremony included UK Export Finance, represented by Gareth Waterhouse, as well as senior representatives from eight banks. A number of Emirates executives were also present.

Sheikh Ahmed Bin Saeed said: "As Emirates continues to strengthen its global network and fleet, Nasdaq Dubai’s exceptional links to international and regional investors provide us with an effective platform to support our aircraft financing initiatives. Its stature as the international exchange serving our home region, operating to high regulatory standards, makes Nasdaq Dubai an ideal listing venue for Emirates.

“This transaction set many new milestones including being the first time that a sukuk has been used to finance and pre-fund the acquisition of our A380 aircraft. We are pleased with the tremendous response and confidence that investors have in Emirates, and will continue our strategy to maintain a diverse portfolio of financing sources.”

Emirates flies three daily A380 services from Auckland to Dubai and beyond via Australia as well as a daily Boeing 777-300ER service from Christchurch.

Emirates Airline’s US$913 million dollar sukuk (Islamic bonds) follows the airline’s listing of a US$1 billion sukuk on the exchange on March 20, 2013.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "The exchange is delighted to support the successful development of Dubai’s transportation sector through hosting this listing by Emirates Airline. We look forward to listing further sukuk issued by regional and international companies active in a wide range of industry sectors.”

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. The exchange currently lists shares, derivatives, sukuk, conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

Emirates flies to 146 destinations in 81 countries across six continents and is the world’s largest airline in available seat kilometres. Operating more than 230 wide-body Airbus and Boeing aircraft, including 61 of the industry leading A380, Emirates has pending delivery for an additional 278 aircraft, worth more than USD$135 billion. For more information visit www.emirates.com/nz

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