Nasdaq Dubai today welcomed the listing of the Government of Ras Al Khaimah’s (acting through the Investment and Development Office of Ras Al Khaimah (the IDO)) 10-year USD1 billion senior unsecured Sukuk at a profit rate of 5.038% issued on 5 March 2025.
The Sukuk, due in 2035, has been issued under the USD 2 billion Trust Certificate Issuance Programme of RAK Capital, a special-purpose vehicle affiliated with the Government of Ras Al Khaimah, and will support Ras Al Khaimah’s economic growth and infrastructure development plans.
The issuance attracted strong investor demand, with an orderbook exceeding USD 4.4 billion, indicating market confidence in Ras Al Khaimah's economic stability and growth prospects.
Mr. Mohammed Sultan Al Qadi, Managing Director at the IDO, rang the market-opening bell at Nasdaq Dubai on behalf of the Government of Ras Al Khaimah to celebrate the listing, in the presence Mr. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).
Mr. Mohammed Sultan Al Qadi, Managing Director, Investment and Development Office of Ras Al Khaimah (IDO), said: "This Sukuk issuance is a reflection of Ras Al Khaimah’s prudent financial management and our commitment to long-term economic growth. The overwhelming investor response highlights the strength of our economic fundamentals, and listing on Nasdaq Dubai provides us with a transparent and well-regulated platform to engage with global investors."
Mr. Hamed Ali, CEO of Nasdaq Dubai and DFM, added: "We are pleased to welcome Ras Al Khaimah’s recent USD 1 billion Sukuk listing on Nasdaq Dubai. The strong investor demand reflects the deep and sustained appetite for high-quality sovereign debt. With government issuances making up 62% of Nasdaq Dubai’s listings, this reinforces our position as the leading exchange for public fundraising, providing issuers with a trusted and well-regulated platform to access global capital markets.”
This listing follows RAK Capital’s previous Sukuk issuances on the exchange, including the USD 500 million Sukuk that matured in October 2018 and the currently listed USD 1 billion Sukuk issued in 2015, which will mature by the end of March 2025.
With this listing, the total value of Sukuk listed on Nasdaq Dubai now exceeds USD 92.7 billion, further solidifying its position as a global hub for Islamic finance. Overall, the value of debt securities currently listed on Nasdaq Dubai has reached USD 136.2 billion across 157 issuances.
