| Government of Dubai sukuk | US$2bn | |
|---|---|---|
| Synopsis The Government of Dubai, through Dubai DOF Sukuk, has issued a sukuk in two tranches under a newly established Trust Certificate Issuance Program. The program is listed on both the London Stock Exchange and the Dubai Financial Market | ||
| Firm | Client | Role |
|
Allen & Overy
|
[Arrangers] Dubai Islamic Bank, Mitsubishi UFJ Securities International, Standard Chartered Bank and UBS Limited
|
International counsel |
|
Allen & Overy
|
[Joint bookrunner and joint lead manager] National Bank of Abu Dhabi
|
International counsel |
|
Taylor Wessing
|
[Issuer] Government of Dubai
|
International counsel |
| Maples and Calder |
[Issuer] Dubai DOF Sukuk
|
International counsel |
Following on from Tourism Development & Investment Company’s US$1.45bn sukuk trust certificate issuance program in the UAE, the Government of Dubai has made its inaugural sukuk issue. This is both the largest sovereign sukuk ever and the largest international sukuk from the Middle East in 2009.
“This is a significant transaction for both the Emirate of Dubai and the international Islamic capital markets,” said Anzal Mohammed, capital markets partner at Allen & Overy. “An order book of approximately US$6.5bn underlines continued investor confidence in sovereign and sovereign-related issuers from the region.”
Allen & Overy has had significant experience with sovereign issuers having advised the Emirate of Abu Dhabi and the Emirate of Ras Al Khaimah on their respective international capital markets issues earlier this year.
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