This landmark marks the first corporate Sukuk 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 8.75% coupon rate and has attracted strong interest from institutional investors, including both governmental and non-governmental entities. The investor group consists of 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 served as Joint Lead Managers (JLMs) for the issuance.
This issuance marks a major milestone for Estithmar Holding QSPC, demonstrating its capacity to diversify its funding sources and support its long-term strategic growth ambitions.
Eng. Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding, stated: “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 witnessed significant growth, particularly with the progress of The View Hospital in collaboration with Cedars Sinai, and the opening of the Korean Medical Center KMC. This commitment to providing world-class healthcare services to Qatar and the region also enhances our role in 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 now owns and operates facilities with a total capacity exceeding 2000 beds.
Moreover, our services sector, including facilities management, catering, and resource supply, continues to grow both domestically and internationally.
Our ventures sector is positioned for substantial success with projects such as the Rosewood Resort in the Maldives and Rixos in Baghdad, both of which are nearing completion, in addition to the ongoing development of our current touristic ventures in Qatar, such as 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 reflects our broader growth strategy, which aims to generate increasing value for our shareholders and solidify Estithmar Holding’s leadership across all its sectors.”
