The UAE Securities and Commodities Authority (SCA) has approved to register around AED 7 billion bonds and sukuk in local securities markets in 2018, Emirates News Agency (WAM) reported.
Almost five national companies have issued bonds and sukuk to finance their businesses after listing these issuances on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), according to data by the SCA.
The authority has approved the issuance of non-convertible sukuk worth AED 2.754 billion by Abu Dhabi Islamic Bank (ADIB), as well as approved the issuance of non-convertible sukuk worth AED 1.946 billion and AED 1 billion by Dana Gas and Union Properties, respectively.
Meanwhile, DXB Entertainments has obtained the SCA’s approval to issue compulsory convertible bonds valued at AED 1.235 billion, and Gulf Navigation Holding got the authority’s approval to issue compulsory convertible sukuk of AED 100 million.
On the other hand, the authority agreed to list the AED 100 million bonds of the government of Maldives on the ADX in 2018.
The SCA also approved the dual-listing of Aldar Sukuk Ltd’s $500 million sukuk on Euronext Dublin and the ADX, as well as the dual-listing of Senaat General Holding Corporation’s $300 million sukuk on both London Stock Exchange (LSE) and the ADX.