Image: Dubai Media Office
Nasdaq Dubai has listed a $500m Sukuk issued by MAF Sukuk Ltd., further strengthening Majid Al Futtaim’s engagement with Dubai’s international debt capital markets and expanding its access to global investors. Guaranteed by Majid Al Futtaim Holding LLC, the new issuance underscores the Group’s ongoing strategy to diversify funding sources through the emirate’s internationally aligned market infrastructure.
The Sukuk, which matures on 22 October 2035 and carries a profit rate of 4.875 per cent, received strong investor interest, generating an order book of more than $2bn. Rated ‘BBB’ by both S&P and Fitch, the proceeds will be used for general corporate purposes and refinancing.
The listing follows the company’s recent hybrid bond issuance, which was oversubscribed more than five and a half times and priced at 5.75 per cent. Together, the two issuances highlight sustained investor confidence in Majid Al Futtaim’s financial position, diversified portfolio, and disciplined capital strategy.
To mark the listing, Ahmed Galal Ismail, chief executive officer of Majid Al Futtaim Holding, rang the market-opening bell at Nasdaq Dubai alongside Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), and senior representatives from both organisations.
Ahmed Galal Ismail said: “Our recent Sukuk issuance on Nasdaq Dubai stands as a clear testament to Majid Al Futtaim’s growth, the resilience of our credit profile, and the enduring confidence global investors place in our business. The strong order book and robust investor demand reflect our track record in international capital markets for over a decade, anchored by our commitment to building an investment-grade profile and maintaining disciplined capital allocation. Achieving the closest spread in our history underscores investor trust and the strength of our financial position, as we continue leveraging Dubai’s world-class market infrastructure to access global capital and drive future growth.”
Hamed Ali added: “Majid Al Futtaim’s latest Sukuk listing reflects the continued strength of regional corporates in attracting global capital and highlights Dubai’s position as a leading marketplace for Islamic finance. The strong investor response reinforces the trust placed in issuers that demonstrate sound financial management and long-term resilience. Nasdaq Dubai remains committed to providing an efficient, internationally recognised platform that connects issuers with a diverse global investor base.”
With this latest listing, Majid Al Futtaim now has $2.2bn in Sukuk listed on Nasdaq Dubai across four instruments, reinforcing its role as a key participant in the regional debt markets. The emirate’s international exchange now hosts more than $145bn in outstanding debt securities, solidifying its position as the region’s leading platform for fixed-income listings and cross-border capital raising.
