AUB cel­e­brates list­ing of $200 mil­lion Sukuk on Nas­daq Dubai

Kuwait Times - - BUSINESS -

KUWAIT: Richard Groves, Chief Ex­ec­u­tive Of­fi­cer of Ahli United Bank (AUB) Kuwait rang the mar­ket-open­ing bell yes­ter­day to cel­e­brate the list­ing on Nas­daq Dubai of a $200 mil­lion Sukuk. The list­ing un­der­lines Dubai’s sta­tus as the global leader for Sukuk list­ings, with a to­tal nom­i­nal value of $45.75 bil­lion from is­suers in the GCC and be­yond. As the third Kuwait list­ing on Nas­daq Dubai, it also re­flects the grow­ing cap­i­tal mar­kets ties be­tween Kuwait and the UAE.

The bell-ring­ing cer­e­mony took place in the pres­ence of His Ex­cel­lency Essa Kazim, Gover­nor of Dubai In­ter­na­tional Fi­nan­cial Cen­tre (DIFC), Sec­re­tary Gen­eral of Dubai Is­lamic Econ­omy Devel­op­ment Cen­tre (DIEDC), and Chair­man of Dubai Fi­nan­cial Mar­ket (DFM); Ab­dul Wa­hed Al Fahim, Chair­man of Nas­daq Dubai; and Hamed Ali, Chief Ex­ec­u­tive of Nas­daq Dubai. Senior rep­re­sen­ta­tives from Ahli United Bank in­cluded Richard Groves, CEO of AUB Kuwait, Moataz El Rafie, Senior Deputy CEO of AUB Kuwait and CB Ganesh, CEO of AUB Dubai.

HE Essa Kazim, Gover­nor of DIFC, Sec­re­tary Gen­eral of DIEDC and Chair­man of DFM said “Ahli United Bank Kuwait’s de­ci­sion to list its Sukuk in Dubai re­in­forces the tra­di­tional fi­nan­cial ties be­tween Kuwait and the UAE, which play an im­por­tant role in re­gional eco­nomic co­op­er­a­tion and pros­per­ity. The Sukuk strength­ens the growth of Dubai as the global cap­i­tal of the Is­lamic Econ­omy un­der the ini­tia­tive launched by His High­ness Sheikh Mo­hammed Bin Rashid Al Mak­toum, UAE Vice Pres­i­dent and Prime Min­ster, and Ruler of Dubai.”

Richard Groves, CEO of Ahli United Bank Kuwait said,”AUB Kuwait’s Sukuk has achieved con­sid­er­able suc­cess, re­flect­ing the Bank’s po­si­tion as a lead­ing Is­lamic fi­nan­cial in­sti­tu­tion in Kuwait. With strong de­mand from in­vestors in the Mid­dle East, Asia and Europe, the Sukuk was more than three times over­sub­scribed, re­flect­ing the con­fi­dence the mar­ket has in the is­suance and in the eco­nomic cli­mate in Kuwait, and in the re­gion. Nas­daq Dubai’s plat­form strength­ens our links with a wide range of re­gional and in­ter­na­tional mar­kets in a re­spected list­ing en­vi­ron­ment reg­u­lated to in­ter­na­tional stan­dards.”

Ab­dul Wa­hed Al Fahim, Chair­man of Nas­daq Dubai, said: “Dubai’s role as a cen­tre of ex­cel­lence for list­ing Is­lamic in­stru­ments is poised for fur­ther ex­pan­sion, draw­ing on the grow­ing ex­per­tise in the sec­tor based in the Emi­rate, and its com­mit­ment to fur­ther devel­op­ment. Nas­daq Dubai will in­tro­duce fur­ther prod­uct devel­op­ment across the Is­lamic cap­i­tal mar­kets to meet the needs of is­suers and in­vestors.”

Hamed Ali, Chief Ex­ec­u­tive of Nas­daq Dubai, said: “Nas­daq Dubai is pleased to wel­come Ahli United Bank to our ex­change and we con­grat­u­late the Bank’s ex­cep­tional team for con­clud­ing a suc­cess­ful trans­ac­tion and list­ing. As an in­ter­na­tional plat­form, we are keen to at­tract lead­ing com­pa­nies from Kuwait that ap­peal to our re­gional and in­ter­na­tional in­vestor net­works. “We strongly be­lieve that the vis­i­bil­ity of­fered through a list­ing with Nas­daq Dubai will en­hance the in­ter­na­tional ap­peal of is­suers from Kuwait and the wider re­gion. Kuwait has a num­ber of in­ter­na­tion­ally at­trac­tive com­pany sto­ries and we look for­ward to be­ing their plat­form of choice.”

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