APICORP celebrates sukuk listing on Nasdaq Dubai

Updated 08 March 2016
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APICORP celebrates sukuk listing on Nasdaq Dubai

Arab Petroleum Investments Corporation (APICORP) Chairman Aabed Al-Saadoun rang the market-opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai.
The total nominal value of sukuk currently listed in Dubai has now reached $37.81 billion, reinforcing its position as the largest center in the world for Islamic bond listings.
The bell-ringing ceremony was attended by Essa Kazim, governor of Dubai International Financial Centre (DIFC), secretary general of Dubai Islamic Economy Development Centre (DIEDC) and chairman of Dubai Financial Market (DFM); Raed Al-Rayes, deputy chief executive and GM, APICORP; Hesham Farid, head of treasury and capital markets, APICORP; and Hamed Ali, chief executive of Nasdaq Dubai.
Al-Saadoun, chairman of APICORP, said: “A listing on one of the Middle East’s premier financial exchanges provides our inaugural sukuk with global and regional visibility, together with world-class regulation.”
APICORP’s sukuk is the first to be issued under a $3 billion sukuk program that the bank announced in July 2015, aimed at diversifying its funding sources.
Kazim said: “This listing by a regional bank that is active in many countries demonstrates the success of Dubai’s capital markets in providing a platform for issuers well beyond the UAE. APICORP’s sukuk underlines Dubai’s stature as the leading center in the world for sukuk listings and its growth as the global capital of Islamic economy, under the initiative launched in 2013 by Sheikh Mohammed bin Rashid Al-Maktoum, UAE VP & PM and ruler of Dubai.”
Al-Fahim said: “The exchange is committed to providing all our sukuk issuers with a well regulated listing infrastructure that exceeds global standards, providing confidence to investors in the securities.”
Ali said: “Our location in Dubai positions the exchange at the heart of an expert community of Islamic finance specialists.”
APICORP’s sukuk listed on Nasdaq Dubai on Jan. 18.


Real estate landscape to be explored

Updated 17 February 2019
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Real estate landscape to be explored

Informa Middle East, organizer of the Cityscape portfolio of events, will roll out a trio of back-to-back events across Egypt, Saudi Arabia and the UAE between March 24 and April 18.

With the specific market dynamics of each destination being explored through dedicated country events, the 2019 Cityscape series springs into action with Cityscape Egypt at the Egypt International Exhibition Center (EIEC) in Cairo. A two-day conference kick-starts the Egypt schedule on March 24 and 25, before the exhibition takes centerstage from March 27 to 30. 

Cityscape then moves to the Center for Forums and Events in Jeddah, which includes an exhibition from April 5 to 7, before a one-day workshop on April 7. Finally, a return to Abu Dhabi National Exhibition Centre (ADNEC) includes a three-day exhibition from April 16 to 18 with an influential agenda on the lineup at the conference set for April 16.

“It’s a packed three-week schedule with a very distinct market approach and program for each destination,” said Chris Speller, Cityscape group director. “This year more than ever, Cityscape will drill down into the specifics and varied issues affecting each market. While opportunities continue to abound across the region, each market requires very different approaches from consumers, government entities and private developers to realize them. 

“With each market at varying stages of maturity and subject to very different developmental concerns, the conference and exhibition stops in Egypt, Saudi Arabia and Abu Dhabi enable industry professionals and public investors to engage with people at the sharp end of the business, understand and seize opportunities, and network for future growth,” added Speller.

In Egypt, the conference will focus on “Energizing the Market and Reinstating Confidence” with government authorities, experts, and market influencers scheduled to spell out the country’s strategic vision to achieve real estate market maturity. 

Expecting a turnout of more than 40 exhibitors and over 8,000 visitors, Cityscape Jeddah this year looks to align with the goals of the Kingdom’s real estate market in light of its Saudi Vision 2030 economic diversification plan.

“Vision 2030 reforms are expected to attract major investment into a Saudi real estate sector predicted to double its contribution to the national economy right through this decade,” said Speller. 

“Over the past few years, we have witnessed Saudi Arabia make significant strides in attracting foreign and local investment, implementing various urban regeneration initiatives, and investing in infrastructure.”

This recent progress, when aligned with the various projects being green-lit, will no doubt transform the country into a global investment powerhouse. We believe Cityscape Jeddah will help drive investment in the Saudi sector by enhancing its standing as a crucial meeting point for regional and international leaders who can contribute to making Vision 2030 a reality.”

With a focus on “Achieving Diversification and Energizing the Market,” the Jeddah workshops will feature prominent investment panel discussions which dive into how the country’s tourism and hospitality sector agenda can impact Vision 2030. The Cityscape outings in Cairo and Jeddah will both feature dedicated editions of the Cityscape Awards, which recognize and celebrate excellence in real estate development and architecture. 

The UAE capital’s official real estate event platform, Cityscape Abu Dhabi is held under the patronage of Sheikh Mohammed bin Zayed Al-Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces. The one-day conference agenda will explore the future of regulatory and technological innovation with a strong focus on the government sector’s growth strategy for the UAE capital.