Nasdaq Dubai continues its momentum with listings exceeding $8 billion in the first quarter of 2026

Nasdaq Dubai announced 18 listings for fixed income instruments during the first quarter of 2026, with a value exceeding $8 billion, bringing the total outstanding listings to $149 billion. This performance reflects the continued activity of issuers and the stability of demand from investors, which strengthens the stock exchange’s position as a reliable platform linking global markets for fixed income instruments. The first quarter saw activity largely driven by deals completed during the first two months, with continued momentum supported by existing financing programmes.

Main themes

• Market depth: The total value of outstanding listings reached US$149 billion, including US$105 billion in sukuk and US$44 billion in bonds, which strengthens Nasdaq Dubai’s position as one of the largest sukuk listing platforms globally.

• Diversity of issuers: First quarter activity reflected a strong mix of local and international issuers, with UAE issuers accounting for 67% of total listings, supported by 33% of international issuers. The activity included issues from the UAE federal government, international multilateral bodies such as the New Development Bank, as well as leading financial institutions and companies across the aviation and real estate sectors.

• Sustained momentum: The first quarter total, which exceeded US$8 billion across 18 listings, confirms the sustainability of issuer activity and strong investor appetite in fixed income markets.

Market activity and sectors

The first quarter 2026 listings included a variety of issuers, currencies and structures, with notable deals in US dollars, euros and UAE dirhams, the most prominent of which are:

• Financial institutions: Banks, including Emirates NBD, issued instruments in the categories of green and blue bonds and original digital bonds, while Mashreq Bank resorted to additional tranche 1 capital instruments (AT1The Arab Bank for Investment and Foreign Trade (the Bank) continued its activity during the quarter.

• International multilateral entities: Along with the New Development Bank, the Arab Energy Fund has listed issues on Nasdaq Dubai to support its financing activities, including initiatives related to the energy sector in the region.

• Corporate sector: Issuances included companies such as Dubai Aerospace Enterprises and United Terra Enterprises, along with real estate developers such as Binghatti and Omniyat, reflecting continued access to financing across key sectors of the regional economy.

One of the highlights of the first quarter was the first issuance of the New Development Bank, worth two billion US dollars, which enhances the attractiveness of Nasdaq Dubai to regional and international issuers.

Issuances also continued within the UAE government’s sukuk and treasury bond programmes, through new and additional issuances, in a way that supports the development of the UAE dirham yield curve.

Innovation and sustainable finance

Sustainable financing remained a key pillar during the first quarter, with green and blue bonds reflecting the continued integration of sustainability, governance and financing standards related to marine conservation.

The market infrastructure witnessed remarkable developments, through the listing of the first original digital bonds of Emirates NBD, which enhanced the efficiency of issuance operations and represents an advanced step in the development of digital debt instruments.

Financial institutions also continued to access financing through more sophisticated structures, including additional Tier 1 capital instruments (AT1) and program-based issuances within the medium-term Eurobond frameworks.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Dubai’s capital markets continue to demonstrate advanced levels of strength, stability and maturity, supported by a well-established ecosystem and growing international participation. Following the record achievements achieved by the exchange in 2025, Nasdaq Dubai maintains its strong position to support a wide range of issuers, while providing safe and efficient access to regional and global sources of capital.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said: “The first quarter of 2026 witnessed continued participation from a diverse group of issuers, which confirms the depth and reliability of debt instruments markets in Dubai. The diversity of issuances across sovereigns, international multilateral entities and companies reflects our ability to meet evolving financing needs, and strengthen the link between regional opportunities and international investor demand.”

Future outlook

Building on its resilient performance during the first quarter, Nasdaq Dubai continues to consolidate its position as a strong and stable platform for fixed income instruments. The market remains fully open to financing needs, while providing the structural depth necessary to connect issuers to global liquidity. Going forward, Nasdaq Dubai is committed to expanding its leadership role and strengthening its position as a leading global center for innovative and sustainable finance.