Nasdaq Dubai Lists $1B Sukuk by Ras Al Khaimah Government

Post by: Bandan Preet

Photo: Dubai Government Media Office

Nasdaq Dubai has officially welcomed the listing of a $1 billion Sukuk issued by the Government of Ras Al Khaimah (RAK). This Sukuk, which was issued on March 5, 2025, has a 10-year term and a profit rate of 5.038%. It is a senior unsecured Sukuk and will mature in 2035.

The Sukuk was issued under the $2 billion Trust Certificate Issuance Programme of RAK Capital, a special-purpose entity linked to the Government of Ras Al Khaimah. The funds raised through this issuance will be used to support RAK’s economic growth and infrastructure projects.

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Strong Investor Demand

This issuance attracted huge interest from investors, with an order book exceeding $4.4 billion. This strong demand reflects investors' confidence in Ras Al Khaimah’s stable economy and growth potential.

Market Opening Celebration

To mark the listing, Mr. Mohammed Sultan Al Qadi, Managing Director of the Investment and Development Office of Ras Al Khaimah (IDO), rang the market-opening bell at Nasdaq Dubai. He was joined by Mr. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

Speaking at the event, Mr. Mohammed Sultan Al Qadi said:

"This Sukuk issuance highlights Ras Al Khaimah’s strong financial management and commitment to long-term growth. The overwhelming investor response shows the trust in our economy. Listing on Nasdaq Dubai gives us a well-regulated and transparent platform to connect with global investors."

Mr. Hamed Ali, CEO of Nasdaq Dubai and DFM, added:

"We are pleased to welcome Ras Al Khaimah’s $1 billion Sukuk listing. The strong demand from investors proves the market’s confidence in high-quality sovereign debt. With government issuances making up 62% of Nasdaq Dubai’s listings, our exchange continues to be the top choice for public fundraising and global capital access."

Nasdaq Dubai’s Role in Islamic Finance

Ras Al Khaimah has previously listed Sukuk on Nasdaq Dubai, including a $500 million Sukuk that matured in 2018 and a $1 billion Sukuk issued in 2015, which will mature by March 2025.

With this new listing, the total value of Sukuk listed on Nasdaq Dubai now exceeds $92.7 billion. This further strengthens Nasdaq Dubai’s position as a global hub for Islamic finance. In total, the value of all debt securities listed on the exchange has now reached $136.2 billion across 157 issuances.

This listing reaffirms Nasdaq Dubai’s commitment to supporting governments and businesses in raising capital efficiently and transparently.

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