Source : WAM
Nasdaq Dubai recorded a record number of Sukuk listings in 2025, driven by sustained issuance activity from regional and international issuers and ongoing global investor demand for Sharia-compliant debt instruments.
By the end of 2025, the total value of outstanding debt securities listed across Dubai Financial Market (DFM) and Nasdaq Dubai reached US$150.9 billion, with Nasdaq Dubai representing US$146.1 billion of the total.
The exchange’s Sukuk market has seen significant growth over the past decade, with outstanding listings increasing eightfold since 2013, from US$12.6 billion to over US$100 billion. Since its inception, Nasdaq Dubai has hosted more than US$245 billion in cumulative bonds and Sukuk issuances, including US$177 billion in Sukuk alone.
This growth aligns with the UAE’s National Strategy for Islamic Finance and Halal Industry, which aims for Islamic banking assets of AED2.56 trillion and targets Sukuk listings exceeding AED660 billion domestically and AED395 billion internationally by 2031.
In 2025, Nasdaq Dubai reported US$30.6 billion in new debt listings across 60 issuances, setting a record for strong and diversified activity. Notable debuts from Ajman Bank, OMNIYAT, Mashreq, China Development Bank, and the New Development Bank, alongside repeat issuances under existing programmes, reinforced the exchange’s appeal to sovereign, supranational, financial, and corporate issuers.
Sovereign and government-related issuers continued to dominate activity, with listings from the Republic of Indonesia, the UAE Federal Government, and the governments of Ras Al Khaimah and Sharjah highlighting Dubai’s role as a trusted gateway for global capital. Corporate and financial institution issuers listed a wide range of instruments, including conventional bonds, Sukuk, Additional Tier 1 capital securities, and sustainability-linked structures, demonstrating Nasdaq Dubai’s depth and flexibility in fixed income markets.
Nasdaq Dubai also strengthened its position in sustainable finance in 2025. By year-end, the total value of ESG-linked debt instruments listed on the exchange reached US$30.08 billion across 41 issuances, comprising:
• US$18.38 billion in green bonds across 27 issuances
• US$9.05 billion in sustainability bonds across 9 issuances
• US$2.55 billion in sustainability-linked bonds across 4 issuances
• US$100 million blue bond across 1 issuance
Global Gateway for International Issuers
International participation has been a cornerstone of Nasdaq Dubai’s growth. The exchange has attracted landmark debt listings from sovereign, supranational, and institutional issuers across Asia and the Middle East, reflecting global confidence in its market infrastructure. Sovereign issuers, including the governments of Indonesia, Turkey, China, Hong Kong, and the Philippines, as well as supranational bodies such as the Islamic Development Bank, Islamic Corporation for the Development of the Private Sector, and New Development Bank, and policy banks like China Development Bank, have chosen Nasdaq Dubai as a listing venue, cementing its role as a trusted international gateway for cross-border debt and Sukuk issuance.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “2025 has been a milestone year for Nasdaq Dubai. Surpassing US$100 billion in outstanding Sukuk listings and achieving record levels of debt issuance reflects the strong confidence placed in our market by issuers and investors worldwide. These milestones underscore Dubai’s position as a trusted, globally connected hub for Islamic finance, fixed income and sustainable investment.”
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said, “Crossing US$100 billion in outstanding Sukuk listings is a landmark achievement for Nasdaq Dubai and reflects the strong and sustained confidence of international and domestic issuers in our market. This momentum was supported in 2025 by US$30.6 billion in new debt listings across 60 issuances, underscoring our role as a leading international listing venue for Sukuk and fixed income instruments. As we look ahead, our focus remains on deepening global connectivity, expanding multi-currency and ESG Sukuk offerings, and attracting new issuers from emerging and frontier markets.”
Building on a record-breaking year and historic milestones in 2025, Nasdaq Dubai enters 2026 with continued activity across Sukuk, ESG, and multi-currency debt instruments. The exchange remains committed to supporting issuers and investors through a diversified fixed income offering, contributing to Dubai’s capital markets ecosystem, and reinforcing the Emirate’s position as a leading global hub for fixed income and Islamic finance.
