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UAE: Majid Al Futtaim raises $500 million through green sukuk

 UAE: Majid Al Futtaim raises $500 million through green sukuk


Majid Al Futtaim Holding, an Emirati holding company based in Dubai, a city in the United Arab Emirates (UAE), has raised $500 million through a green sukuk issuance. 

Ahmed Ismail, chief executive at Majid Al Futtaim Holding, said, “The issuance of today’s green sukuk is a testament to the global investment community’s continued confidence and robust support in our company.”

Majid Al Futtaim Holding is one of the biggest private sector companies in Dubai. It is also one of the largest mall operators in the Middle East. It operates shopping malls, retail shops, and leisure establishments in the Middle East and North Africa (MENA) region. It had assets of $18 billion by the end of 2022.

The company is continuing to diversify its funding base. The company also aims to improve long-term profitability and reaffirm its commitment to green financing.

The company launched its first green sukuk in May 2019. It launched another green sukuk in October 2019. In 2021, Majid Al Futtaim Holding became the first privately-owned Dubai corporation to announce capital market deals with a $1.5 billion sustainability-linked loan. It raised $1.25 billion through a sustainability-linked loan in 2022. 

According to The National, companies across the GCC (Gulf Cooperation Council) have selected green financing to meet their net-zero commitments. 

Earlier this month, Aldar Investment Properties, the real estate management unit of Abu Dhabi’s Aldar Properties, raised $500 million through its first green sukuk. 

Dubai’s Majid Al Futtaim Holding saw a 4 percent increase in earnings in 2022. The company said in March that the revenue of Majid Al Futtaim Holding climbed 12 percent on an annual basis to Dh36.3 billion.

The parent organization of Majid Al Futtaim is Majid Al Futtaim Capital LLC. The company, founded on 11 May 1992, owns various malls in the UAE and other Middle East countries.


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