Nasdaq Dubai’s Sukuk Market Sees Significant Growth in 2025
Remarkable Rise in Sukuk Listings
The Sukuk market at Nasdaq Dubai has experienced extraordinary growth, marking an eightfold increase since 2013. In this time, the value of outstanding Sukuk listings soared from USD 12.6 billion to over USD 100 billion. As of 2025, Nasdaq Dubai has become a key player in the financial landscape, with total outstanding debt securities on both Dubai Financial Market (DFM) and Nasdaq reaching USD 150.9 billion, of which Nasdaq Dubai contributed a substantial USD 146.1 billion.
Record-Setting Debt Listings
In 2025, Nasdaq Dubai recorded a remarkable USD 30.6 billion in new debt listings over 60 different issuances. This surge was propelled by activity from both regional and international issuers who were keen to tap into the market’s appeal. Notable new entrants included Ajman Bank, Mashreq, and the China Development Bank, alongside ongoing issuances from prominent established programs. This diversity significantly enhanced the attractiveness of the exchange to sovereign, supranational, financial, and corporate issuers.
Sovereign Issuers Drive Market Activity
Sovereign and government-related issuers continued to play a vital role in market activity throughout 2025. The Republic of Indonesia, the UAE Federal Government, and the governments of Ras Al Khaimah and Sharjah were among those advancing their capital-raising efforts through listings. This not only strengthens Dubai’s position as a reliable gateway for global capital flows but also underscores its role in facilitating robust issuance activities.
Advancements in Sustainable Finance
Nasdaq Dubai made notable strides in sustainable finance throughout the year. By the end of 2025, the outstanding value of Environmental, Social, and Governance (ESG)-linked debt instruments reached USD 30.08 billion across 41 issuances. This impressive total comprised:
- USD 18.38 billion in green bonds from 27 issuances
- USD 9.05 billion in sustainability bonds from 9 issuances
- USD 2.55 billion in sustainability-linked bonds from 4 issuances
- USD 100 million in blue bonds from 1 issuance
Solidifying International Participation
An essential part of Nasdaq Dubai’s growth story has been its capacity to attract global issuer participation. The exchange has consistently garnered landmark listings from sovereign and institutional issuers in Asia and the Middle East. Noteworthy sovereign issuers include Indonesia, Turkey, and various entities in the region, reflecting a strong international confidence in its market structure.
Commentary from Leadership
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, highlighted the year as a pivotal period, stating that surpassing USD 100 billion in outstanding Sukuk listings showcases the global confidence in their market. Hamed Ali, the CEO, echoed this sentiment, emphasizing the significance of the USD 30.6 billion in new debt listings as a marker of their leading position in Sukuk and fixed income offerings. He also noted a commitment to expanding the variety of multi-currency and ESG Sukuk in the future.
Looking Ahead to 2026
With 2025 behind them, Nasdaq Dubai aims to sustain this momentum into 2026, focusing on maintaining activity across Sukuk, ESG, and multi-currency debt instruments. Their dedication to supporting both issuers and investors remains steadfast, further solidifying Dubai’s role within the global fixed income and Islamic finance sectors.
About Nasdaq Dubai
Nasdaq Dubai operates as the international financial exchange that serves the area between Western Europe and East Asia. It attracts both regional and global issuers interested in regional and international investment opportunities. The marketplace lists a range of instruments, including shares, derivatives, Sukuk, conventional bonds, and Real Estate Investment Trusts (REITs). Governance of Nasdaq Dubai falls under the Dubai Financial Services Authority (DFSA), with Dubai Financial Market holding a two-thirds majority stake.
For more details, the following contacts are available:
Noora Al Soori
Communications and Public Relations
Dubai Financial Market
Phone: +971 4 305 5437
Email: nalsoori@dfm.ae
Shruti Choudhury
Associate Director
Edelman Smithfield
Mobile: +971 54 586 7874
Email: dfmedelmansmithfield@edelman.com
