London Stock Exchange welcomes SENAAT celebrating its international Sukuk Bond
SENAAT, one of the UAE’s largest industrial holding companies, was pleased to open trading at London Stock Exchange today, Monday 10th December 2019, as it celebrated the listing of its US$300 million sukuk.
The key factors underpinning the success of the sukuk issue were SENAAT’s financial strength and self-sufficiency, its profitability, its low risk profile and its growth prospects.
This was recognised by international ratings agencies Moody’s and Fitch, who gave SENAAT its first official credit rating, supporting the investor roadshow, and ensuring that demand for the sukuk was high enough to see it 10 times oversubscribed.
SENAAT is fully owned by Abu Dhabi Government and has been mandated to create, acquire and optimise industrial businesses in Abu Dhabi and beyond to maximize shareholder value. It is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to diversify the Emirate’s economy away from its reliance on the hydrocarbon sector by developing a strong industrial capability.
SENAAT currently operates in four of the key industrial sectors listed in Abu Dhabi 2030 – Metals, Oil & Gas Services, Construction & Building Materials and Food & Beverages Manufacturing. SENAAT contributes to the socio-economic development of Abu Dhabi, in a profitable manner, while developing human capital.
SENAAT, which is Arabic for ‘Industries’, manages more than AED 27.2 billion of industrial assets and has invested in the non-oil sector an average of AED1.9 billion a year over the last 10 years. SENAAT employs nearly 20,000 people across its portfolio of nine companies and its leadership is made up mainly of Emirates nationals.