Estithmar Holding QPSC Successfully Issues QAR 500 Million Sukuk

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This milestone marks the first corporate Sukuk in Qatari Riyal

Estithmar Holding QPSC is thrilled 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 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 an attractive 8.75% coupon and has drawn significant interest from a diverse group of institutional investors, including both governmental and non-governmental organisations. The investor base includes banks, insurance companies, and asset managers, with settlement expected 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 this issuance.

This issuance is a significant milestone for Estithmar Holding QSPC, underscoring the company’s ability to diversify its funding sources and support its long-term strategic growth ambitions.

Eng. Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding, said: “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 collaboration 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 is also bolstering 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 exceeding 2000 beds.

Additionally, our services sector, including facilities management, catering, and resource supply, continues to expand both within Qatar and abroad.

Our ventures sector is poised for significant success with major projects such as the Rosewood Resort in the Maldives and Rixos in Baghdad nearing completion, alongside the ongoing development of our touristic ventures in Qatar, such as Al Maha Island, Katara Hills, and Maysan Doha, among others.

Our specialised contracting sector is also witnessing substantial growth, particularly in the Kingdom of Saudi Arabia, where our market share has expanded significantly through key strategic projects.

The success of the Sukuk programme is a key part of our broader growth strategy, which aims to generate increasing value for our shareholders and solidify Estithmar Holding’s leadership across all its sectors.”