Emaar Hosts Investor Meetings for sukuk

Dubai's Emaar plans to arrange fixed income investor meetings for a sukuk valued at up to USD 2bn.

press-release-detail

Dubai’s leading property developer, Emaar, has announced its plans to set up fixed income investor meetings in the Middle East, Asia, and Europe for a sukuk valued at up to USD 2bn. The company announced in a filing to Dubai Financial Market on August 31 that the meetings would commence on September 4 with the denominated sukuk to follow, subject to market situations. Emaar has appointed Standard Chartered as the sole global coordinator. Dubai Islamic Bank, Bank ABC, Emirates NBD Capital, Mashreq, First Gulf Bank, Standard Chartered, NBAD, Noor Bank, Union National Bank will be the joint lead managers and book runners.

Emaar reported an 8 percent rise in second-quarter net profit and a 12 percent increase in the first half of this year. The company has begun a series of new projects, including the Dubai Creek Harbour development, featuring a structure taller than Burj Khalifa, the world’s tallest tower. Previously, Emaar has bonds to fund critical projects, comprising a USD 500m convertible bond in the year 2010 with an initial conversion price of  AED 4.75 a share.

Emaar is a public joint-stock real estate development company headquartered in Dubai. It comprises six business segments and 60 active companies, focusing on providing property development and management services around the world.