Media ININ Economy We Trust
Media IN Dubai, 15-05-2019
Majid Al Futtaim today 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.
“We love listing our financial instruments and will continue to do that. Listing, in terms of IPO for the company, that is a different point and this is not on the table,” CEO of Majid Al Futtaim Holding said
The comments came following the market-opening bell ringing ceremony to mark the listing of Majid Al Futtaim’s $600 million green sukuk bond, a first for the region and a new corporate benchmark for the sector
“[The green sukuk] is a first for the region. It is something we will be doing more of at the right time and in the right circumstances,” said CEO majid Al Futtaim.
The CEO’s focus on listing financial instruments, rather than a full IPO for the company, comes as the retail conglomerate witnessed strong demand for its Islamic bond.
The proceeds from the latest sukuk will be used to fund environmentally-friendly projects in sectors such as green real estate, renewable energy, sustainable water management and social impact initiatives.
In January, the retail conglomerate reported that revenue in 2018 rose 8 percent to reach AED34.6 billion ($9.42 billion), resulting in a 9 percent rise in EBITDA (earnings before interest, tax, depreciation and amortization) to AED4.6 billion over the same period.
The company last year celebrated the opening of two new shopping malls in the UAE and Oman, grew its hotel portfolio to 13 assets and added 33 grocery retail stores, growing its portfolio to 264.
