The inaugural listing of Arada in the UAE follows the developer’s debut listing on the London Stock Exchange last year
Nasdaq Dubai welcomed the listing of a USD 500 million Sukuk by Arada, the UAE’s fastest-growing master developer. The Sukuk is the first issuance by Arada on the region’s international financial exchange, which further solidifies Dubai’s position as one of the largest Sukuk listing venues in the Middle East with a total value of USD 77 billion.
To celebrate the successful listing, Ahmed Alkhoshaibi, Group CEO of Arada, along with Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai.
This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange. Notably, ahead of its successful debut Sukuk listing last year, Moody’s and Fitch assigned Arada first-time credit ratings of B1 and B+ respectively, both with a stable outlook. This achievement made Arada the youngest private company in the UAE to secure credit ratings in 2022.