Dubai / WAM
Majid Al Futtaim on Wednesday rang the market-opening bell at Nasdaq Dubai to mark the listing of the world’s first benchmark corporate green sukuk and the first green sukuk issued by a corporate in the region.
Valued at $600 million and with a tenor of 10 years, green sukuk will be used to finance and refinance firm’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency.
Alain Bejjani, CEO of Majid Al Futtaim — Holding, said, “This issuance will enable Majid Al Futtaim to deliver more sustainable experiences for customers and to address implications of climate change. As we progress on our sustainability journey, we are extremely proud to list the world’s first benchmark corporate green sukuk and look forward to identifying and pioneering innovative ways to meet our ambition to be Net Positive by 2040,” Bejjani noted.
He added, “The widespread interest from global investors in bond indicates their confidence in our environmental, social and governance rating, BBB credit rating, and prudent financial and risk management approach. Investors’ faith in our vision empowers us to continue on our path to becoming one of the most environmentally sustainable companies within our industries.”
With green sukuk listing, value of all debt instruments listed on Nasdaq Dubai by Majid Al Futtaim reached $2.4 billion.