FINANCIAL NEWS

UAE’s MAF selects 4 banks to handle USD1b Sukuk

09 Jan 2012

(MENAFN) Majid Al Futtaim (MAF) Holding’s deputy treasurer, Shrimati Damal, said that the firm selected 4 commercial banks to manage the company’s USD1 billion Islamic bond (Sukuk) issuance program, reported The National.

Damal added that the program, which would be MAF’s first sukuk issuance, might be issued in the coming few months and that a 5-year tenor was most likely for a debut issuance.

She also said that the proceeds would be forecasted to finance expansion plans worth USD2 billion for malls and shopping centers in Lebanon, Egypt and Syria, in addition to plans for a hypermarket in Erbil, Kurdistan.

It is worth noting that MAF Holding is the retail conglomerate behind Carrefour in the Middle East, moreover, it operates 10 shopping malls in the UAE, Egypt, Oman and Bahrain and is constructing an additional 4 malls in the UAE, Lebanon, Egypt and Syria.

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