Nasdaq Dubai, the region’s international stock exchange, welcomed today’s listing of a US$500 million Sukuk by APICORP, the multilateral development bank established to foster the development of the Arab world’s oil and gas industries.

It is APICORP’s second Sukuk listing on Nasdaq Dubai, following a US$500 million listing in January 2016. The Sukuk have been issued under a three billion US Dollar Sukuk programme that APICORP announced in 2015, aimed at diversifying its funding sources and reducing its overall cost of financing.

APICORP’s activities include equity investment, debt financing, financial advisory and energy research services.

Dubai is a leading international centre for Sukuk activity, with Sukuk listings in the emirate currently totalling 52.97 billion US Dollars. Eleven Sukuk listings have taken place so far in 2017 on Nasdaq Dubai with a total value of 10.25 billion US Dollars.