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APICORP rings market-opening bell to celebrate listing of USD 500 million Sukuk on Nasdaq Dubai

  • Funds raised by the multilateral development bank will support investment in the Arab energy sector
  • Listing reinforces Dubai’s position as the global leader for listed Sukuk at USD 37.81 billion

apicorpDubai, March 8, 2016 – Dr. Aabed Al Saadoun, Chairman of the Arab Petroleum Investments Corporation (APICORP), today rang the market-opening bell to celebrate the listing of a USD 500 million Sukuk on Nasdaq Dubai.

The total nominal value of Sukuk currently listed in Dubai has now reached USD 37.81 billion, reinforcing its position as the largest centre in the world for Islamic bond listings.

The bell-ringing ceremony was attended by 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); Dr. Raed Al Rayes, Deputy Chief Executive and General Manager, APICORP, Hesham Farid, Head of Treasury & Capital Markets, APICORP; and Hamed Ali, Chief Executive of Nasdaq Dubai.

Dr. Aabed Al Saadoun, Chairman of APICORP, said: “A listing on one of the Middle East’s premier financial exchanges provides our inaugural Sukuk with global and regional visibility, together with world class regulation. As a multilateral development bank dedicated to supporting the energy sector with priority given to Arab joint ventures that benefit the members’ states, we look forward to making further use of Islamic financing instruments to fund our initiatives for the benefit of Arab economies.”

APICORP’s Sukuk is the first to be issued under a USD 3 billion Sukuk programme that the bank announced in July 2015, aimed at diversifying its funding sources and reducing its overall cost of financing.

HE Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: “This listing by a regional bank that is active in many countries demonstrates the success of Dubai’s capital markets in providing a platform for issuers well beyond the UAE. APICORP’s Sukuk underlines Dubai’s stature as the leading centre in the world for Sukuk listings and its growth as the global Capital of Islamic Economy, under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai.”

nasdaqdubaiAbdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “The exchange is committed to providing all our Sukuk issuers with a well regulated listing infrastructure that exceeds global standards, providing confidence to investors in the securities. We will continue to build our Sukuk market through 2016 and beyond with further issuances from the UAE, the MENA region, and international companies and institutions.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “We will further enhance our response times and procedures to meet the commercial needs of Sukuk issuers in a dynamic market environment. Our location in Dubai positions the exchange at the heart of an expert community of Islamic finance specialists who are driving expansion and innovation in the Sukuk and wider Islamic finance sector.”

APICORP’s Sukuk listed on Nasdaq Dubai on January 18, 2016.


About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), 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).
The Arab Petroleum Investments Corporation (APICORP) is a multilateral development bank established to foster the development of the Arab world’s oil and gas industries. The organization was created under the terms of an agreement signed by the 10 Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC) in September 1974. APICORP’s vision is to transform the Arab energy industry into a powerful force for the region’s economic progress. Driven by this vision, APICORP seeks to make equity investments and provide project loans, trade finance, advisory and research to the energy industry.
APICORP is one of the five organizations established by OAPEC to promote cooperation and economic integration in the Arab hydrocarbon and petrochemical industry. Since its founding, APICORP has made significant contributions to the evolution of the region’s energy industry. It has made equity investments in 22 oil and gas joint venture projects worth over $13 billion and participated in direct and syndicated energy finance transactions worth over US$126 billion. APICORP‘s aggregate commitments in these transactions, including both in equity and debt, are valued in excess of US$11 billion. Apart from this, it has provided advisory and treasury services related to financing and project development; and published highly regarded macro-economic research. These areas continue to define APICORP in today’s marketplace.
APICORP is independent in its functioning and carries out its operations on a commercial basis. The Corporation’s headquarters are located in Dammam, in the Eastern Province of Saudi Arabia. APICORP also operates a Banking Branch in Manama, Bahrain.
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