Damac Properties lists $500 million sukuk

Luxury real estate firm Damac Properties has raised $500 million by listing a sukuk on the Nasdaq Dubai exchange.

The firm plans to use the funds to develop properties across the Middle East, including the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

“As we expand, our Nasdaq Dubai listing provides our sukuk with excellent visibility to investors around the world as well as our own region, together with a highly respected regulatory framework,” said Hussain Sajwani, chairman of Damac Properties.

The sukuk was issued by Damac Real Estate Development, a subsidiary of the firm. It is the company’s second sukuk on the exchange and follows a $650 million listing in April 2014.

Sukuk are financial instruments that mimic the structure of bonds but are permissible under Islamic law.

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