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FINANCIAL NEWS
Dubai Investments sells USD300 m sukuk
19 Nov 2013
(MENAFN) Dubai Investments will gain USD300 million after selling Islamic bonds by 2014, according to Arab News.
The company has delayed a similar plan by the beginning of 2013 as interest rates saw an increase.
Dubai Investments has appointed Citigroup Inc., Nomura and J.P. Morgan Chase & Co. to manage the sale process.
Khalid bin Kalban said: “We are in the final stage of application to the various markets. I”m hoping that it should be done this year. This (sukuk sale) is delayed because interest rates climbed up. We are targeting a specific interest rate. Once we achieve it we will go into the market, otherwise there”s no point. It has come down to lower than the level we expected.”
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