Sukuk

Majid Al Futtaim now has $2.2bn in Sukuk listed on Nasdaq Dubai across four instruments

Proceeds from the issuance will partly fund a tender offer of up to $100m for Arada’s outstanding 2027 Sukuk, with the remainder earmarked for general corporate purposes

The sukuk, which matures in 2029, was oversubscribed three times, with an orderbook reaching $1.54bn

The $1.5bn sukuk, issued on the International Securities Market of the London Stock Exchange, matures on May 6, 2035

The sukuk was issued under the sukuk programme by RAK Capital, a special purpose vehicle affiliated with the government of Ras Al Khaimah

Strong investor demand allowed The Arab Energy Fund to increase the issuance from an initial $500m to $650m, with final book orders exceeding $935m