Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances.

The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due in 2029.

The debut listing solidifies the exchange's standing as a premier global platform for financial listings and features the Philippines, one of Asia's most active sovereign debt issuers, reflecting the confidence in Nasdaq Dubai's advanced platform that focuses on offering a world-class listing venue to leading regional and global issuers.

The total value of sukuk issuances listed on Nasdaq Dubai now stands at US$85.11 billion, marking yet another achievement in Nasdaq Dubai's journey towards expanding its role as a global centre for sukuk issuances.

Dubai is recognised as one of the world's largest centres for sukuk issuances, with a total of US$87.61 billion, in alignment with the government's vision to become the international hub of the Islamic economy.

To commemorate the issuance, Secretary Benjamin E. Diokno of the Republic of the Philippines' Department of Finance and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), rang the market opening bell at Nasdaq Dubai.

Secretary Benjamin E. Diokno of the Republic of the Philippines' Department of Finance said, "The listing of the ROP's maiden sukuk issuance in Nasdaq Dubai affirms the Philippine Government's commitment to further its ties with the Gulf Cooperation Council.

This marks a significant step towards enhancing the Islamic finance market in the Philippines, bearing in mind its importance in unlocking the potential of Southern Philippines and deepening economic ties with the Arab world."

Hamed Ali, CEO of Nasdaq Dubai and DFM, said, "This issuance not only serves as an opportunity to deepen our ties with the Philippines but also marks a key milestone in our joint efforts to broaden Islamic capital markets.

"At Nasdaq Dubai, we focus on offering a world-class listing venue to leading regional and global issuers. We remain dedicated to streamlining the listing process for our issuers, ensuring it is seamless and efficient. Capitalising on a substantial and diverse investor base, Dubai's capital markets offer unique exposure and access to both regional and international investors. We are committed to extending this partnership further to collectively achieve the full potential of our collaboration."

With a total debt issuance value of US$127.41 billion, comprising US$42.30 billion in bond listings and US$85.11 billion in sukuk issuances, Nasdaq Dubai cements its position as a leading exchange for fixed-income listings.