Estithmar Holding issues QAR500mn Islamic bond, first corporate Sukuk denominated in Qatari Riyal

This issuance is the inaugural tranche of its QAR3.4 billion Sukuk programme, which is listed on the London Stock Exchange’s International Securities Market (ISM), the company said in a media release.

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The 3-year Shariah-compliant bond, which offers 8.75 percent coupons, has attracted significant interest from institutional governmental and non-governmental investors, the company said.

The mix of investors includes banks, insurance companies and asset managers.

Estithmar Holding’s Sukuk programme is 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) to the issuance.

The issuance marks a significant milestone for Estithmar Holding QSPC, demonstrating its ability to diversify funding sources to support its long-term strategic growth plans and objectives, it said.

Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding, said 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 specialized contracting,” he said.

Al-Sadah said the healthcare sector in Estithmar Holding has witnessed a remarkable growth, with the progress of The View Hospital in affiliation with Cedars Sinai, the opening of the Korean Medical Center KMC and 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 2,000 beds.

The group’s services sector, encompassing facilities management, catering, and resource supply, continues to grow both in Qatar and abroad, he said.

“Our ventures sector is poised for significant success with major projects such as the Rosewood Resort in the Maldives and Rixos in Baghdad, both of which are expected to open in the near future,” Al-Sadah said.

He said the success of the Sukuk programme is a culmination of the group’s broader growth strategy, which aims to achieve an ever-growing investment value for its shareholders and ensure Estithmar Holding’s leadership across all its operating sectors.