Estithmar Holding QPSC successfully issues a QAR 500 million Sukuk

DOHA, QATAR. August 28th, 2024 - Estithmar Holding QPSC is pleased to announce the successful issuance of a QAR 500 million Sukuk, the first corporate Sukuk denominated in Qatari Riyal. This issuance is the inaugural tranche of its QAR 3.4 billion Sukuk program, which is listed on the London Stock Exchange's International Securities Market (ISM).

The 3-year Sukuk offers 8.75% coupons and has attracted significant interest from institutional governmental and non-governmental investors. The mix of investors includes banks, insurance companies and asset managers, while settlement is expected in five days.

The Sukuk program 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.

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 specialized contracting.

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, which sustains our commitment to providing world-class healthcare services to Qatar and the region and contributes to 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 of more than 2000 beds.

Furthermore, our services sector, encompassing facilities management, catering, and resource supply, continues to grow both in 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, both of which are expected to open in the near future, in addition to the continuous development of our current touristic ventures in Qatar; Al Maha Island, Katara Hills, Maysan Doha and others.

Our specialized contracting sector is also witnessing significant growth, especially in the Kingdom of Saudi Arabia, with a remarkable increase in our market share through important strategic projects in the Kingdom. 

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