Dubai’s Emaar Properties plans to issue dollar-denominated Sukuk

Bloomberg/Christopher Pike

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The property developer has hired Standard Chartered was to coordinate the deal, other banks leading the transaction are Dubai Islamic Bank, Deutsche together with Emirates NBD Capital, First Abu Dhabi Bank as well as Mashreq Bank and Sharjah Islamic Bank.

Wednesday 04, September 2019 BY MUZORIWA KUDAKWASHE

Dubai-based Emaar Properties has hired banks to arrange a potential issuance of US dollar-denominated Islamic bonds.

In a bourse statement, the property giant said that the planned issuance is part of Emaar's $2 billion Trust Certificate Issuance Programme.

The developer also plans to issue a 10-year Sukuk after meeting investors in Asia and London from 6 September.

Emmar, 29.2 per cent owned by the Investment Corporation of Dubai, will meet investors in Asia and London starting on 6 September 2019.

 

TAGS : Sukuk, US dollar denominated, Investment Corporation of Dubai, Emaar Properties, Dubai Islamic Bank, Standard Chartered Bank, Emirates NBD Capital

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