The issuance marks the first corporate Sukuk in Qatari Riyal
Estithmar Holding QPSC is pleased to announce the successful issuance of a QAR 500 million Sukuk, marking the first corporate Sukuk to be denominated in Qatari Riyal. This issuance is 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 8.75% coupon and has attracted strong interest from a broad range of institutional investors, including both governmental and non-governmental entities. The investor mix includes banks, insurance companies, and asset managers, with settlement anticipated 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 acted as Joint Lead Managers (JLMs) for the issuance.
This issuance represents a major achievement for Estithmar Holding QSPC, showcasing the company’s ability to diversify its funding sources in support of its long-term strategic growth plans.
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.
Estithmar Holding’s healthcare sector has seen remarkable growth, particularly with the development of The View Hospital in partnership with Cedars Sinai and the opening of the Korean Medical Center KMC. Our commitment to delivering world-class healthcare services to Qatar and the region also supports medical tourism, with regional expansion including 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.
Furthermore, our services sector, which encompasses facilities management, catering, and resource supply, continues to grow both within Qatar and internationally.
Our ventures sector is positioned for substantial success, with key projects such as the Rosewood Resort in the Maldives and Rixos in Baghdad 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 our market share has increased significantly through 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 sectors.”
