$245 billion in cumulative bond and sukuk issuances
$150.9 billion in debt instruments listed on Dubai Financial Market and Nasdaq Dubai
$100 billion in listings compared to $12.6 billion in 2013
In 2025, Nasdaq Dubai achieved a record number of sukuk listings, fueled by ongoing issuance activity from both regional and international entities, alongside sustained global demand for Sharia-compliant debt instruments.
By the end of 2025, the total value of listed debt instruments across Dubai Financial Market and Nasdaq Dubai reached approximately $150.9 billion, with Nasdaq Dubai accounting for $146.1 billion of that total.
The sukuk market on Nasdaq Dubai has experienced remarkable growth over the past decade, with the total value of outstanding sukuk increasing nearly eightfold since 2013, rising from $12.6 billion to over $100 billion. Since its inception, Nasdaq Dubai has hosted cumulative issuances of bonds and sukuk exceeding $245 billion, including $177 billion in sukuk.
This growth aligns with the UAE’s national strategy for Islamic finance and the halal industry, aiming to elevate Islamic banking assets to AED 2.56 trillion and increase sukuk listings to over AED 660 billion domestically and AED 395 billion internationally by 2031.
Record Performance in Listings
In 2025, Nasdaq Dubai achieved a landmark with $30.6 billion in new debt listings across 60 issuances, showcasing robust and diverse listing activity. The inaugural issuances from Ajman Bank, Amina, Mashreq Bank, China Development Bank, and New Development Bank, alongside repeat issuances from established programs, enhanced the exchange’s attractiveness to sovereign entities, multilateral institutions, financial corporations, and businesses.
Sovereign issuers and government-linked entities maintained a strong presence in the market throughout the year, with contributions from issuances by the Republic of Indonesia, the Federal Government of the UAE, and the governments of Ras Al Khaimah and Sharjah, reinforcing Dubai’s status as a central hub for global capital flows. Various corporations and financial institutions also listed a wide array of instruments, including traditional bonds, sukuk, additional tier-one capital instruments, and sustainability-linked tools, highlighting the flexibility and diversity of the fixed-income market at Nasdaq Dubai.
Leading the Charge in Sustainable Finance
Throughout 2025, Nasdaq Dubai solidified its position as a premier destination for sustainable finance in the region. By the year’s end, the total value of sustainable and ESG-compliant debt instruments on the exchange reached $30.08 billion through 41 issuances, which included:
$18.38 billion in green bonds across 27 issuances
$9.05 billion in sustainability bonds through 9 issuances
$2.55 billion in sustainability-linked bonds across 4 issuances
$100 million in blue bonds from a single issuance
Enhancing Connectivity with International Markets
International engagement has been a crucial component of Nasdaq Dubai’s growth strategy over the years, successfully attracting significant listings of debt instruments from various global and regional entities, which reflects ongoing international confidence in its market infrastructure.
Sovereign entities, including governments from Indonesia, Turkey, China, Hong Kong, and the Philippines, along with supranational organizations such as the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, and the New Development Bank, as well as policy banks like China Development Bank, chose to list their issuances on Nasdaq Dubai, underscoring its role as a trusted international gateway for cross-border debt and sukuk issuances.
Abdulwahid Al Fahim, Chairman of Nasdaq Dubai, stated: “The year 2025 marked a pivotal moment for Nasdaq Dubai, with listed sukuk surpassing $100 billion and the exchange achieving record levels of debt issuances, demonstrating strong confidence from issuers and investors globally in Nasdaq Dubai. These accomplishments affirm Dubai’s position as a reliable, globally interconnected hub for Islamic finance, fixed-income markets, and sustainable investing.”
Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, noted: “Surpassing $100 billion in listed sukuk is a significant achievement in 2025, reflecting the strongest annual performance in Nasdaq Dubai’s history and showcasing sustained trust from both international and local issuers. In the year, Nasdaq Dubai saw $30.6 billion in new debt listings through 60 issuances, reinforcing its status as a leading international platform for sukuk and fixed-income instruments. Moving forward, we will remain focused on enhancing international connectivity, expanding multi-currency sukuk and sustainability-linked issuances, and attracting new issuers from emerging and frontier markets, thereby supporting the sustainable growth of capital markets.”
Based on a record-setting year filled with significant achievements in 2025, Nasdaq Dubai enters 2026 with continued activity in sukuk listings, ESG-linked debt instruments, and multi-currency issuances. The exchange remains committed to supporting issuers and investors with a diverse array of fixed-income instruments, contributing to the capital markets environment in Dubai and reinforcing the city’s status as a leading global center for fixed income and Islamic finance.