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UAE- Emaar chooses 7 regional, int’l banks for possible sukuk issue

11 Jul 2012

(MENAFN) Emaar Properties has selected 7 regional and international banks for a potential sukuk issue, reported Emirates 24/7.

The UAE builder behind the world’s tallest tower Burj Khalifa picked the banks to arrange investor meetings only in London, on July 11, prior to the possible issuance of a new Islamic bond.

Depending on market conditions, a sukuk issue under Emaar’s USD2 billion sukuk program may follow.

In 2011, Emaar, the Gulf’s biggest listed developer by market value, used Dubai Mall as collateral to secure a USD1 billion loan to help refinance upcoming debt.

It is worth noting that Emaar’s latest sukuk issue was a USD500 million sale in February last year, which carried a profit rate of 8.5 percent under the program.

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