23 Jan, 2025Nasdaq Dubai Welcomes Two Sukuk Taps by UAE Federal Government Totalling AED 1.1 billion

Nasdaq Dubai welcomed the listing of two Sukuk Tap issuances totalling AED 1.1 billion by the UAE Federal Government, acting through the Ministry of Finance.

The two taps are a part of the Treasury Sukuk Programme, and are worth AED 550 million each, due in 2027 and 2029 respectively. These additions bring the total value of UAE Federal Government Sukuk listed and outstanding on Nasdaq Dubai to over USD 4.8 billion through six issuances, reflecting the government’s ongoing efforts to advance the Islamic finance sector and support its economic diversification strategy.

The new listings further reinforce Nasdaq Dubai’s position as a global hub for Sukuk, with the total value of Sukuk listed on the exchange now standing at USD 95.5 billion.

The Treasury Sukuk Programme is designed to establish a robust local currency Sukuk market and attract a broad base of investors. The programme aims to diversify funding sources, reduce reliance on foreign capital markets, and enhance investment opportunities in the UAE dirham. It also supports the government’s strategic development programmes while providing local investors access to Sharia-compliant government securities.