The issuance marks the first corporate Sukuk in Qatari Riyal
Estithmar Holding QPSC is proud to announce the successful issuance of a QAR 500 million Sukuk, the first corporate Sukuk to be denominated in Qatari Riyal. This issuance represents the inaugural tranche of its QAR 3.4 billion Sukuk programme, which is listed on the London Stock Exchange’s International Securities Market (ISM).
The 3-year Sukuk offers a coupon rate of 8.75% and has garnered substantial interest from institutional investors, both governmental and non-governmental. The investor mix includes banks, insurance companies, and asset managers, with settlement expected in 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 acted as Joint Lead Managers (JLMs) for the issuance.
This issuance marks a significant achievement for Estithmar Holding QSPC, demonstrating the company’s ability to diversify its funding sources to support its long-term strategic growth objectives.
Eng. Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding, commented: “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 remarkable growth, particularly with the progress of The View Hospital in partnership with Cedars Sinai, and the opening of the Korean Medical Center KMC. This reflects our commitment to providing world-class healthcare services to Qatar and the region and contributes to medical tourism, with regional expansion through operating 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.
Additionally, our services sector, which includes facilities management, catering, and resource supply, continues to expand both within Qatar and internationally.
Our ventures sector is set 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 existing touristic ventures in Qatar, including Al Maha Island, Katara Hills, and Maysan Doha, among others.
Our specialised contracting sector is also experiencing substantial growth, particularly in the Kingdom of Saudi Arabia, where we have seen a remarkable increase in our market share through key strategic projects.
The success of the Sukuk programme is the culmination of our broader growth strategy, which aims to deliver increasing investment value to our shareholders and reinforce Estithmar Holding’s leadership across all its operating sectors.”
