Majid Al Futtaim x Nasdaq Dubai - Bell Ringing/Supplied
The proceeds will be used to finance and refinance Majid Al Futtaim’s (MAF) existing and future green projects such as green buildings, renewable energy as well as sustainable water management and energy efficiency.
Thursday 16, May 2019 BY KUDAKWASHE MUZORIWA
The UAE’s Majid Al Futtaim has listed its $600 million green Sukuk on Nasdaq Dubai, marking the listing of the world’s first benchmark corporate and the first green Sukuk issued by a corporate in the region.
Alain Bejjani, the Chief Executive Officer at Majid Al Futtaim, said, “This issuance will enable Majid Al Futtaim to deliver more sustainable experiences for our customers and to address the implications of climate change.”
The recently placed Sukuk, which was priced at 4.6 per cent, will mature in May 2029 and the proceeds from the issuance will be used to finance or refinance a portfolio of eligible green projects.
Additionally, S&P Global Rating as well as Fitch Ratings assigned their BBB ratings of MAF’s $600 million green Sukuk which was issued under the company's $1.5 billion trust certificate issuance programme.
“Majid Al Futtaim’s Green Sukuk listing reflects the forward-looking and progressive outlook of Dubai’s leading businesses and the vitality of its capital markets infrastructure,” added HE Essa Kazim, the Governor of DIFC and the Chairman of Dubai Islamic Economy Development Centre (DIEDC).