Investment Corporation of Dubai Announces Successful Issuance of $1 Billion Sukuk
- The 10-year Sukuk Was 3x Oversubscribed
- 42% Subscription From International Accounts Based Outside of the Region
Investment Corporation of Dubai has successfully completed the issuance of a $1 Billion 10-year sukuk. The sukuk was well received by regional and international investors, generating orders that exceeded $3 Billion.
The $1 Billion sukuk will be listed on the Nasdaq Dubai exchange. It is the first sukuk to be issued from the region in 2017 and the second for ICD, following its debut sukuk issue in 2014.
International investor participation was robust with 26% of the issuance subscribed for by investors based in the United Kingdom and Europe and 15% by investors based in Asia. Regional investor participation consisted of 58% of the total subscription with the remaining 1% from investors based in the rest of the world.
His Excellency Mohammed Al Shaibani, Executive Director and CEO of ICD, said: “The interest and broad participation in the issuance demonstrates 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.”
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