Emaar Properties has listed its $500 million 10-year Sukuk on Nasdaq Dubai, the Islamic bond has an annual return rate of 3.88 per cent and is part of the property developer’s $2 billion bond issuance programme.
Mohamed Alabbar, the Chairman of Emaar Properties, said: “The growth of the Sukuk market has been tremendous and has helped bridge the gap in infrastructure financing particularly with projects linking to the real economy.”
Nasdaq Dubai stated that a $750 million Sukuk issued by Emaar Properties in 2016, as well as a $750 million Sukuk listed by Emaar Malls in 2014, is also listed on the exchange.
“This listing by Emaar Properties underlines the strong activity that we are seeing in the Sukuk sector, with listings so far this year on Nasdaq Dubai from UAE and overseas issuers valued at a total of $8.85 billion,” said Abdul Wahed Al Fahim, the Chairman of Nasdaq Dubai.
Standard Chartered was hired to coordinate the deal.
Other banks leading the transaction are Dubai Islamic Bank, Deutsche Bank DBKGn.DE, Emirates NBD Capital ENBD.DU, First Abu Dhabi Bank, Mashreqbank and Sharjah Islamic Bank, the document showed.
Source Islamic Business&Finance