The issuance attracted strong investor interest, with orders exceeding $4.4 billion, reflecting market confidence
Nasdaq Dubai has today announced the listing of the Government of Ras Al Khaimah’s (acting through the Investment and Development Office of Ras Al Khaimah) 10-year $1 billion senior unsecured sukuk, which carries a profit rate of 5.038 percent, issued on March 5, 2025.
This sukuk, set to mature in 2035, has been issued under the $2 billion Trust Certificate Issuance Program of RAK Capital, a special-purpose entity associated with the Government of Ras Al Khaimah. The proceeds from this issuance will bolster Ras Al Khaimah’s economic expansion and infrastructure development initiatives.
Moreover, the issuance generated robust interest from investors, with an order book surpassing $4.4 billion, showcasing strong market confidence in Ras Al Khaimah’s economic stability and growth potential.
Market opening celebration
Mr. Mohammed Sultan Al Qadi, managing director at the Investment and Development Office (IDO), rang the market-opening bell at Nasdaq Dubai on behalf of the Government of Ras Al Khaimah to commemorate the listing. He was joined by Mr. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).
Al Qadi further remarked: “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.”
For his part, Mr. Ali said: “We are pleased to welcome Ras Al Khaimah’s recent $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 percent 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,” Ali also noted.
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Previous sukuk issuances
This listing follows RAK Capital’s earlier sukuk issuances on the exchange, including the $500 million sukuk that matured in October 2018 and the currently listed $1 billion sukuk issued in 2015, which is set to mature by the end of March 2025.
With this new listing, the total value of sukuk listed on Nasdaq Dubai now exceeds $92.7 billion, further solidifying its status as a global hub for Islamic finance. Overall, the value of debt securities currently listed on Nasdaq Dubai has risen to $136.2 billion across 157 issuances.
