The government of Hong Kong has announced plans to list its first successful sukuk offering worth US$1 billion (Dh3.68bn) on Nasdaq Dubai.
Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, who is responsible for realising Dubai’s plan to become the capital of the global Islamic economy, hailed the selection of Nasdaq Dubai for the listing of the world’s first US dollar-denominated sukuk issued by a government with a AAA credit rating.
“We are also pleased to have worked with Hong Kong on this important issue and delighted that it has attracted such strong demand,” said Sheikh Hamdan.
“We look forward to closer working relations with Hong Kong in developing global Islamic financial products.”
Hong Kong’s move highlights Dubai as an important platform for trading Shariah-compliant financial products.
The sukuk, which was oversubscribed, attracted nearly $5bn from global investors, allowing final pricing to tighten from the original price.
The sukuk global roadshow covered Riyadh, Dubai, Abu Dhabi, Doha, Kuala Lumpur, Hong Kong, Singapore, London and New York.
To date, Dubai has attracted more than Dh66bn in sukuk issues.