Majid Al Futtaim’s $500M Sukuk Debuts on Nasdaq Dubai Amid High Demand

Nasdaq Dubai has added another sizeable listing to its Islamic finance roster, welcoming a USD 500 million Sukuk issued by MAF Sukuk Ltd and guaranteed by Majid Al Futtaim Holding. The instrument, which matures in October 2035 and offers a 4.875% profit rate, drew more than USD 2 billion in orders — a sign, I reckon, that investors still see strong value in well-established regional corporates even when markets can be a bit of a faff.

What caught my attention is how this Sukuk slots neatly into Majid Al Futtaim’s wider financing push. Not long ago, the company closed a hybrid bond that was oversubscribed five and a half times and priced at 5.75%. Seeing both issuances gain such traction back-to-back suggests the Group’s credit story is resonating globally. And believe it or not, achieving what the company describes as its closest spread to date doesn’t happen by accident; it usually reflects the kind of disciplined capital management that many startups I meet through Arageek dream of mastering one day.

During the listing ceremony, CEO Ahmed Galal Ismail rang the market-opening bell at Nasdaq Dubai and noted that the strong demand highlights confidence in the firm’s financial strength and decade-long track record in international markets. His point about maintaining an investment‑grade profile stood out — something that tends to separate the region’s longer‑established players from the younger ones still finding their footing. On the flip side, I’m not a fan of how technical these celebrations can get… well, I mean, there’s only so much bell‑ringing one can watch before craving a strong coffee.

Hamed Ali, who heads both Nasdaq Dubai and the Dubai Financial Market, emphasised that the Sukuk underscores Dubai’s deepening role in Islamic finance. From what he said, it’s clear the exchange wants to position itself as a global bridge — connecting issuers with a far-reaching investor base hungry for stable, compliant instruments. Spot on, really, considering how many regional companies are now tapping international markets.

This latest Sukuk brings Majid Al Futtaim’s total listings on Nasdaq Dubai to USD 2.2 billion across four issuances, strengthening its presence in the region’s debt landscape. For the exchange itself, the deal pushes total outstanding debt above USD 145 billion, reinforcing its reputation as a key platform for fixed-income activity and cross‑border capital flows.

When I chat with early‑stage founders around the MENA region, many say these big-ticket listings feel worlds away from their day-to-day battles. But they do matter. They help shape the broader ecosystem, showing how mature corporates navigate funding cycles — something younger startups can definately learn from if they pay close attention.

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