Nasdaq Dubai Achieves Record Year in 2025 as Outstanding Sukuk Surpass $100 Billion

Dubai | EcoPulse24

In 2025, Nasdaq Dubai achieved a record performance in the fixed income market, with the value of outstanding sukuk listed exceeding $100 billion - a historic milestone reflecting the accelerating global demand for Sharia-compliant debt instruments.

$150.9 Billion in Outstanding Debt Instruments in Dubai

The combined value of outstanding debt instruments listed on the Dubai Financial Market and Nasdaq Dubai reached $150.9 billion by the end of 2025. Nasdaq Dubai accounted for $146.1 billion, underscoring its dominance in Dubai's fixed income market.

Over the past decade, outstanding sukuk on Nasdaq Dubai grew nearly eightfold, from $12.6 billion in 2013 to over $100 billion currently.

$30.6 Billion in New Listings in a Record Year

In 2025, 60 new issuances totaling $30.6 billion were listed - an all-time annual high. New issuers included Ajman Bank, Omniyat, Mashreq Bank, China Development Bank, and New Development Bank, alongside ongoing issuance programs.

Sovereign and government-related entities maintained a strong presence, such as the Republic of Indonesia, UAE Government, and the governments of Ras Al Khaimah and Sharjah, further establishing Dubai as a gateway for cross-border capital flows.

Sustainable Finance Boosts Momentum

By end-2025, the total value of sustainability-linked and ESG-compliant 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)
• $100 million in blue bonds (1 issuance)

This expansion aligns with the National Islamic Finance and Halal Industry Strategy, targeting Islamic banking assets of AED 2.56 trillion and increased sukuk listings domestically and internationally by 2031.

Broad International Participation

The exchange attracted listings from sovereign issuers such as Indonesia, Turkey, China, Hong Kong, and the Philippines, as well as supranational institutions like the Islamic Development Bank, Islamic Corporation for the Development of the Private Sector, and the New Development Bank, and policy banks such as China Development Bank - demonstrating growing international confidence in Dubai’s market infrastructure.

Abdulwahid Al Fahim, Chairman of Nasdaq Dubai, described 2025 as a pivotal year for the exchange, while Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, stated that surpassing $100 billion in outstanding sukuk marks the strongest annual performance in the market’s history.

EcoPulse24 Analysis

Surpassing the $100 billion mark in outstanding sukuk cements Dubai’s status as a leading global center for Islamic finance, reflecting Nasdaq Dubai’s transformation from a regional to a fully international platform for multi-currency and multi-structure debt listings.

The diversity of issuances - sovereign, banking, multilateral, and additional capital instruments - deepens the market and enhances its appeal to international investors seeking geographic and Sharia-compliant diversification.

The momentum in ESG instruments signals the convergence of Islamic finance with global sustainability trends, opening further growth pathways for 2026, especially with the expansion of multi-currency issuances and attraction of new emerging and frontier markets.

With this performance, Nasdaq Dubai enters the new year with a robust base of listings and sustained financing momentum, reinforcing Dubai’s position as a global hub for fixed income and sukuk markets.