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GEMS Education celebrate listing of AED 735 million Sukuk on NASDAQ Dubai

January 28, 2014

Founder and Chairman Sunny Varkey rang the market opening bell at Dubai Financial Market (DFM) to celebrate the listing. The ceremony took place in the presence of Essa Kazim , Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre ; Abdul Wahed Al Fahim , Chairman of NASDAQ Dubai; and Hamed Ali , Chief Executive of NASDAQ Dubai, in addition to representatives of Abu Dhabi Islamic Bank , Credit Suisse , Mashreq Bank and Morgan Stanley . Dino Varkey , Group Chief Operating Officer at GEMS Education, said: "The funding raised by our Sukuk issuance enables GEMS Education to continue strengthening its commitment to educational excellence, and meeting the needs of Dubai families as the emirate continues to move into the knowledge economy. Our listing on NASDAQ Dubai provides us with resources to build new schools, improve education standards and help Dubai grow into a world-class city with world-class education." Essa Kazim , Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre , said: "GEMS Education's Sukuk demonstrates the versatility of the Islamic capital markets across different industries. Education has now joined sectors including banking, utilities, transport, property, retail and government, that have listed Sukuk on Dubai's exchanges over the past year, in line with the initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum , UAE Vice President, Prime Minster and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum , Crown Prince of Dubai and Chairman of the Executive Council ." The nominal value of Sukuk currently listed in Dubai has now reached $13.28 billion (AED 48.8 billion). More than 50 per cent of that sum, amounting to $6.85 billion (AED 25.2 billion), has come from listings that have taken place since the beginning of 2013, making Dubai the third largest centre for Sukuk listings in the world.


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Source: CPI Financial


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