Nasdaq Dubai marked a landmark year in 2025, as the total value of outstanding Sukuk listings on the exchange surpassed $100 billion, cementing its position as a leading international hub for Sharia-compliant debt instruments. The milestone was supported by strong issuance activity, continued global investor demand, and a diversified mix of sovereign, corporate, and financial institution listings.
By year-end, the combined value of debt securities listed across Dubai Financial Market (DFM) and Nasdaq Dubai reached $150.9 billion, with Nasdaq Dubai contributing $146.1 billion of the total. Since inception, the exchange has hosted more than $245 billion in cumulative bonds and Sukuk issuances, including $177 billion in Sukuk, underscoring the market’s depth and resilience.
A Decade of Exponential Growth
Over the past decade, Nasdaq Dubai’s Sukuk market has expanded significantly, with the value of outstanding listings increasing eightfold from $12.6 billion in 2013 to over $100 billion today. This growth aligns with the UAE’s National Strategy for Islamic Finance and Halal Industry, which targets Islamic banking assets of AED 2.56 trillion and aims to increase domestic Sukuk listings to over AED 660 billion and international listings to AED 395 billion by 2031.
Record Issuances and Diversified Listings in 2025
In 2025 alone, Nasdaq Dubai recorded $30.6 billion in new debt listings across 60 issuances, marking one of the strongest years in its history. The year featured debut issuances from institutions such as Ajman Bank, Omniyat, Mashreq, China Development Bank, and the New Development Bank, alongside repeat issuances under established programs.
Sovereign and government-related issuers represented a significant portion of activity, with notable listings from the Republic of Indonesia, the UAE Federal Government, and the governments of Ras Al Khaimah and Sharjah, reinforcing Dubai’s role as a trusted gateway for global capital flows.
Corporate and financial institutions contributed to a diverse range of instruments, spanning conventional bonds, Sukuk, Additional Tier 1 capital securities, and sustainability-linked structures, reflecting the flexibility and maturity of Nasdaq Dubai’s fixed income market.
Leadership in Sustainable Finance
Nasdaq Dubai also strengthened its position as a regional leader in sustainable finance. By the end of 2025, the total outstanding value of ESG-linked debt instruments reached $30.08 billion across 41 issuances, including $18.38 billion in green bonds (27 issuances), $9.05 billion in sustainability bonds (9 issuances), $2.55 billion in sustainability-linked bonds (4 issuances), and a $100 million blue bond (1 issuance).
Leadership Perspective
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, commented, “2025 has been a milestone year for Nasdaq Dubai. Surpassing USD 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, added, “Crossing $100 billion in outstanding Sukuk listings is a landmark achievement and reflects the sustained confidence of international and domestic issuers in our market. This momentum was supported in 2025 by USD 30.6 billion in new debt listings across 60 issuances, underscoring our role as a leading international venue for Sukuk and fixed income instruments. Looking ahead, our focus remains on deepening global connectivity, expanding multi-currency and ESG Sukuk offerings, and attracting new issuers from emerging and frontier markets.”
A Global Benchmark
Nasdaq Dubai’s 2025 performance demonstrates the exchange’s strategic importance not only in the Middle East but on the global stage. With record Sukuk issuances, a growing ESG-linked debt market, and continued participation from sovereign and corporate players worldwide, Nasdaq Dubai reinforces Dubai’s stature as a trusted, innovative, and sustainable capital market hub, well-positioned to support the evolving needs of international investors and issuers alike.
