Dubai- Investment Corporation of Dubai, ICD, has successfully completed the issuance of a US$1 billion 10-year sukuk. The sukuk was well received by regional and international investors and generated orders exceeding $3 billion.
The $1billion sukuk will be listed on the Nasdaq Dubai exchange and is the first to be issued from the region in 2017 and the second for ICD, following its debut in 2014.
A statement issued by ICD on Thursday said international investor participation was robust with 26 percent of the issuance subscribed by investors based in the United Kingdom and Europe and 15 percent by investors based in Asia.
Regional investor participation consisted of 58 percent of the total subscription with the remaining 1 percent of the investors based around the rest of the world, said the statement.
Mohammed Al Shaibani, the executive director and CEO of ICD, said: “The interest and broad participation in the issuance demonstrate continued investor confidence in ICD’s ability to deliver on its mandate of providing a strong and stable foundation that supports the ongoing success of Dubai.”
ICD, which is the principal investment arm of the Government of Dubai, was established in May 2006. It has a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate.
ICD has a rich portfolio of assets, both locally and internationally, across a broad spectrum of the sectors that form the blueprint of Dubai’s dynamic economy.
Asharq Al-Awsat
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