Estithmar Holding QPSC has successfully issued a QAR 500 million Sukuk, marking the first corporate Sukuk denominated in Qatari Riyal, reflecting the company’s commitment to strategic growth and diversification of funding sources.
Doha — Estithmar Holding QPSC Proudly announces the successful launch of a QAR 500 million Sukuk, representing the first corporate Sukuk ever issued in Qatari Riyal. This issuance represents a significant milestone not only for Estithmar but also for Qatar’s financial markets, setting a new benchmark for corporate funding within the region.
The QAR 500 million Sukuk is the inaugural tranche of Estithmar Holding’s ambitious QAR 3.4 billion Sukuk program, which is listed on the London Stock Exchange’s International Securities Market (ISM). The 3-year Sukuk offers an attractive coupon rate of 8.75% and has drawn considerable interest from a diverse group of institutional investors, including banks, insurance companies, and asset managers. The successful issuance underscores the robust investor confidence in Estithmar’s strategic growth trajectory and its diversified business operations across key sectors.
A historic milestone for the Qatar financial markets
Eng. Mohamad Bin Badr Al-Sadah, Group CEO of Estithmar Holding, commented on the successful offering,
“The issuance of the first corporate QAR-denominated Sukuk is a historic milestone for Estithmar Holding and for the Qatar financial markets as a whole. Being listed on the London Stock Exchange’s International Securities Market, this issuance has received significant interest from a diverse mix of investors. I believe that this broad investor appetite clearly demonstrates the confidence in our strategic growth plan across all four of our key divisions: Healthcare, services, ventures, and specialized contracting.”
This Sukuk issuance will build out Estithmar’s ability to diversify its funding sources but also aligns with the company’s long-term strategic growth plans. The funds raised will support ongoing and future projects across Estithmar’s core sectors, further solidifying its position as a leading industrial and economic pillar in Qatar.
Strategic growth across key sectors
Estithmar Holding continues to make significant strides in the healthcare sector, which remains a critical component of its growth strategy. The company’s healthcare portfolio has expanded in recent years with the development of The View Hospital in affiliation with Cedars-Sinai and the recent opening of the Korean Medical Center (KMC) in Lusail. These facilities are set to enhance Qatar’s medical tourism sector, a key target for the country, while supporting regional expansion, including two hospitals in Iraq and the soon-to-be-completed Algerian-Qatari-German Hospital in Algeria. Collectively, Estithmar Holding’s healthcare facilities now feature a capacity of over 2,000 beds.
In the services space, Estithmar’s facilities management, catering, and resource supply operations continue to grow both in Qatar and internationally, driven by the company’s commitment to delivering excellence and innovation.
Ventures and Contracting: Expanding Horizons
Estithmar Ventures, the company’s arm dedicated to tourism and hospitality, is poised for substantial growth with several high-profile projects underway. These include the Rosewood Resort in the Maldives and the Rixos in Baghdad, both of which are set to open soon. In Qatar, Estithmar’s touristic ventures such as Al Maha Island, Katara Hills, and Maysan Doha are further reinforcing the company’s footprint in the hospitality sector.
The specialized contracting sector is also experiencing significant growth, particularly in the Kingdom of Saudi Arabia. Estithmar’s strategic projects in the region have resulted in a remarkable increase in market share, underlining the company’s expertise and leadership in large-scale, complex developments.
Good position to capitalize on future opportunities across a diverse portfolio
The successful launch of the Sukuk Program is the culmination of Estithmar Holding’s broader growth strategy, aimed at achieving sustainable investment value for shareholders and ensuring leadership across all operating sectors. The program’s qaBBB (stable) rating on the Qatar National Scale by Capital Intelligence reflects the company’s strong financial standing and its prudent risk management practices.
Estithmar Holding’s ability to attract substantial interest from both governmental and non-governmental investors highlights the market’s confidence in the company’s future prospects and its strategic direction. This Sukuk issuance is a key step in Estithmar’s ongoing efforts to diversify its funding sources, ensuring the company remains well-positioned to capitalize on future opportunities across its diverse portfolio.
Contact:
Ahmad El Zein
Marketing Manager
Estithmar Holding
