Business
Estithmar Holding QPSC Successfully Completes QAR 500 Million Sukuk Issuance
This marks the first corporate Sukuk issued in Qatari Riyal
Estithmar Holding QPSC is delighted to announce the successful issuance of a QAR 500 million Sukuk, marking the first corporate Sukuk to be issued in Qatari Riyal. This issuance represents the first tranche of the company’s QAR 3.4 billion Sukuk programme, which is listed on the London Stock Exchange’s International Securities Market (ISM).
The 3-year Sukuk offers an attractive 8.75% coupon and has drawn significant interest from a broad range of institutional investors, including both governmental and non-governmental entities. The investor base includes banks, insurance companies, and asset managers, with settlement expected within five days.
The Sukuk programme has been rated qaBBB (stable) on the Qatar National Scale by Capital Intelligence. Al Rayan Investment LLC, The First Investor QSCC, and Lesha Bank LLC served as Joint Lead Managers (JLMs) for this issuance.
This issuance is a significant milestone for Estithmar Holding QSPC, highlighting the company’s ability to diversify its funding sources and support its long-term strategic growth plans.
Eng. Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding, remarked: “The issuance of the first corporate QAR-denominated Sukuk is a historic milestone for Estithmar Holding. Being listed on the London Stock Exchange’s International Securities Market, this issuance has garnered significant interest from a diverse mix of investors.
This broad investor apPetite is a testament to the confidence in our strategic growth plan across all four of our key divisions: Healthcare, services, ventures, and specialised contracting.
The Healthcare sector within Estithmar Holding has seen substantial growth, particularly with the progress of The View Hospital in collaboration with Cedars Sinai and the opening of the Korean Medical Center KMC. Our commitment to providing world-class Healthcare services to Qatar and the region also enhances medical tourism, with regional expansion through the operation of two hospitals in Iraq and the upcoming completion of the Algerian-Qatari-German Hospital in Algeria. Estithmar Holding currently owns and operates facilities with a total capacity of more than 2000 beds.
Moreover, our services sector, including facilities management, catering, and resource supply, continues to expand both within Qatar and internationally.
Our ventures sector is positioned for significant success with major projects such as the Rosewood Resort in the Maldives and Rixos in Baghdad, both nearing completion, alongside the ongoing development of our current touristic ventures in Qatar, including Al Maha Island, Katara Hills, and Maysan Doha, among others.
Our specialised contracting sector is also experiencing considerable growth, particularly in the Kingdom of Saudi Arabia, where we have significantly increased our market share through strategic projects.
The success of the Sukuk programme is a key component of our broader growth strategy, which aims to generate increasing value for our shareholders and solidify Estithmar Holding’s leadership across all its sectors.”
-
Business9h ago
26 states may soon need to regulate cannabis – here’s what they can learn from Colorado and Washington
-
Business9h ago
Climate change has deep historical roots – Amitav Ghosh explores how capitalism and colonialism fit in
-
Business20h ago
BUSNESAU BACH yn dangos cariad tuag at asiantaeth fenter am greu cyfloedd twf a ffyniant yng ngorllewin Cymru
-
Business20h ago
Small companies present their love for company creating progress alternatives in Wales
-
Business1d ago
IT agency approaching twenty fifth anniversary spearheading landmark adjustments to phone communication Contact picture
-
Business1d ago
Caribbean sizzling sauce producer Mama Lolly’s set to scale as much as meet demand
-
Business1d ago
Retirement doesn’t just raise financial concerns – it can also mean feeling unmoored and irrelevant
-
Business1d ago
Job supervisors with disabilities can boost productivity, new research shows