Nakheel scoops 'Middle East Deal of the Year' award

The Banker Magazine has named Nakheel the winner of the Middle East 'Deal of the Year Award 2007' for its groundbreaking $3.52bn Sukuk issue. The deal has been viewed as a significant milestone in Islamic finance development, and has cemented Dubai and the DIFX's unrivalled position as the global power house of Islamic finance.

The Sukuk, an Islamic compliant bond, is fast garnering international attention as a modern and innovative financing tool. Nakheel's decision to list the world's largest Sukuk on the Dubai International Financial Exchange (DIFX) last year led to Dubai commanding an unprecedented 44% of the total estimated global value of Sukuk. The allocation of the Sukuk was mainly to European investors (40%) and Middle Eastern investors (38%).

Nakheel's listing of Sukuk Al Ijara has been widely acclaimed as a crucial step forward in opening up the Islamic finance market; and the resulting success represents an astounding vote of confidence from both regional and international investors in Nakheel's vision for Dubai. The listing, issued by Nakheel with Barclays Capital and Dubai Islamic Bank PJSC as the joint Lead Managers and Joint Bookrunners for the offering, achieved record participation totaling $3.52 billion.

Chris O'Donnell, Nakheel CEO, said of the award:

«We believe that Nakheel is the driving force behind Dubai's development, the vision we have for its architectural, cultural and financial future is at the heart of everything that we do at Nakheel; and so it is gratifying that our landmark Sukuk Al Ijara deal has been recognised as a significant moment in Dubai's economic history. We are proud that The Banker Magazine has acknowledged Nakheel's influence, not just within the United Arab Emirates, but the across the whole Middle East region, and so we are particularly delighted to accept the coveted Middle East Deal of the Year Award.»

Impressed by the scale, complexity and pricing performance of the Sukuk Al Ijara Deal The Banker's judging panel chose to award both the prestigious 'Deal of the Year' and 'Regional Middle East Winning Deal' accolades to Nakheel, despite bullish competition from more than 750 rival entrants from 60 countries around the globe. The judging panel made up of respected industry experts, analysts and editors, including The Banker's Editor in Chief, Stephen Timewell and Publisher of FT Business Angus Cushley were particularly impressed by Nakheel's pioneering innovation in issuing the first Sukuk of its kind and structure in both Islamic and conventional capital markets.

At the time of the Sukuk release Kar Tung Quek, Nakheel Chief Financial Officer, commented:

"This is the largest listing of its type anywhere in the world, and this is a ringing endorsement of the market's confidence in the company and is an important step in the evolution of Nakheel as one of the world's leading property developers, as the DIFX has been designed as the leading exchange not only for Islamic products, but for shares and other securities as well.»

Now in its fourth year The Banker Magazine's «Deals of the Year» ceremony celebrates the biggest and smartest deals the market place has witnessed over the last 12 months. This year The Ritz Carlton in Bahrain hosted the prestigious ceremony where the award was accepted by Kar Tung Quek.