Al-Maktoum rings NASDAQ Dubai bell to celebrate of $500m Emirates NBD bond

 H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, today rang the market-opening bell to celebrate the listing of a US$500 million dollar conventional bond on NASDAQ Dubai.
Emirates NBD, one of the region’s leading banking groups, is now the largest issuer of conventional bonds on the region’s international exchange, with three listings totaling $2.25 billion. NASDAQ Dubai’s total conventional bond listings, from all issuers, have reached $6.74 billion.
The bell-ringing ceremony was attended by Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Financial Market, Hesham Abdulla Al Qassim, Vice Chairman of Emirates NBD, Shayne Nelson, Chief Executive of Emirates NBD, and Hamed Ali, Chief Executive of NASDAQ Dubai.
Sheikh Ahmed bin Saeed Al Maktoum said, "NASDAQ Dubai is the ideal venue to support our capital raising needs, as the exchange combines international standards with its location in our home region. We are delighted to make full use of Dubai’s first class listing structure as we pursue our strategy of expansion in the U.A.E. and internationally." Kazim, added, "Emirates NBD’s latest bond underlines Dubai’s accelerating growth as a centre of activity and excellence in all aspects of fixed income. From issuance to listing and post-listing services, the emirate is constantly enhancing its framework and architecture to meet the needs of market participants in the region and beyond." Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said, "As activity in the U.A.E.’s financial services sector gathers pace, NASDAQ Dubai is delighted to provide its listing platform to support Emirates NBD’s growth and expansion. The exchange will continue to support efficient capital-raising activities for a range of issuers that are active in a variety of sectors and industries." Emirates NBD’s latest bond listing on the exchange took place on September 18th, following a $750 million listing by the banking group in March 2013 and a one billion dollar listing in June 2013.
As well as hosting conventional bonds, NASDAQ Dubai is the third largest exchange in the world by value for listed Sukuk, or Islamic bonds, at $19.2 billion. It is currently operating a pilot scheme for trading both Sukuk and conventional bonds on its market.