Damac's Kuwait unit considering $67mn bond issue

Damac Kuwaiti Holding, a unit of the Dubai-based real estate developer Damac Properties, is seeking board approval to sell bonds and sukuk worth $67 million.

"The board of Damac Kuwait is meeting on Sept. 1 to discuss issuing bonds and sukuk worth 18 million dinars ($67.39 million)," the firm said in a statement on the bourse website.

It did not give further details. Damac officials could not be reached for comment.

General Manager of Damac Kuwait Tayeb Dajani told newswire Reuters in April the firm was considering selling sukuk, or Islamic bonds, as a way to finance its expansion.

The company is considering buying stakes in firms in Egypt, Tunisia, Morocco, Algeria, Saudi Arabia and the United Arab Emirates, he said at the time.

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