Nasdaq Dubai, the international exchange located within Dubai’s financial hub, continues to gain traction in global debt markets, even as its equity listings lag behind. The exchange has recently attracted a wave of high-profile bond and sukuk (Islamic bond) listings, reinforcing its position as a preferred platform for international debt issuance in the Gulf region.
On October 14, Emirates NBD, Dubai’s largest bank, returned to the Dim Sum market with the listing of a 2.40% bond maturing in 2028. Issued under its $20 billion Euro Medium Term Note (EMTN) programme, the renminbi-denominated bond allows global investors to invest in Chinese currency outside mainland China. This move reflects Dubai’s growing financial connectivity with China, aligning with the “New Silk Road” strategy supported by the UAE. In 2024, non-oil trade between the UAE and China surpassed $100 billion for the first time, making the UAE China’s largest trading partner in the Middle East.
The broader Gulf region is also experiencing strong momentum in debt issuance. According to Fitch Ratings, total bond issuance by banks in the GCC has already exceeded $60 billion in 2025 and is expected to remain robust through 2026. Nasdaq Dubai has played a key role in supporting this trend by offering a global platform for diversified funding.
Islamic finance is also seeing significant growth on the exchange. Earlier in October, Emirates Islamic listed a $500 million sustainability-linked sukuk, marking the world’s first sukuk of its kind. Proceeds from this Shariah-compliant instrument will be directed toward renewable energy investments and other sustainable projects. The sukuk was well received by global investors, attracting $1.2 billion in orders—an oversubscription of 2.4 times. This enabled the bank to set a profit rate of 4.540% per annum, with a 95-basis-point spread over five-year US Treasuries. Unlike conventional bonds, sukuk distribute profits from the underlying asset rather than paying fixed interest.
With these new listings, the total value of debt instruments listed on Nasdaq Dubai has reached $140 billion. This growing volume confirms the exchange’s appeal as a platform for both conventional and Islamic finance instruments, particularly among institutions seeking international exposure and funding flexibility.
Despite the surge in Gulf IPOs, Nasdaq Dubai’s equity listings have yet to benefit from the regional boom. Companies across the region continue to favor other domestic markets. For example, Alpha Data, a digital transformation firm, listed on Abu Dhabi Securities Exchange (ADX), raising $600 million. Alec Holdings opted for Dubai’s local stock exchange, the Dubai Financial Market (DFM), while Saudi-based Almoosa Health Group went public on the Saudi Exchange with a $450 million IPO. The upcoming listing of online marketplace Dubizzle is also scheduled for DFM on October 23.
In 2024, the GCC saw a record 53 IPOs that raised $13.2 billion, representing a 23–25% increase from the previous year. The strong momentum has continued in 2025, with 24 IPOs recorded across regional exchanges in the first half of the year alone.
One reason Nasdaq Dubai has yet to capture a share of this IPO activity lies in its structure and regulatory framework. Unlike the DFM, which operates under the supervision of the UAE Central Bank and lists in UAE dirhams, Nasdaq Dubai falls under the jurisdiction of the Dubai Financial Services Authority (DFSA), which follows international standards based on English common law. Listings on Nasdaq Dubai are denominated in US dollars, offering more global appeal but possibly making it less attractive for regional retail investors.
Despite their structural differences, DFM owns a two-thirds stake in Nasdaq Dubai, and both exchanges share the same CEO, Hamed Ali. This strategic alignment may support more integrated development in the future. For now, Nasdaq Dubai’s strength remains in its ability to attract diverse debt listings, solidifying its role as a key player in the region’s capital markets landscape.