E-mail Article
Printer Friendly
Share Article
Healthy returns from $95.3m sukuk
Dubai Wellness Centre (DWC), a health project in the United Arab Emirates, will issue an Islamic bond, or sukuk, worth AED 350 million ($95.3 million) in June, its financial advisor said on Monday.
The issue will finance 35% of the health and leisure project, Basil al-Ghalayini, the head of BMG Financial Advisors in Saudi Arabia, told a press briefing. He said the maturity of the sukuk will probably be 5 years.
The project, on 974,000 square feet of land inside Dubai Healthcare City, includes a 300-room five-star hotel, he said.
"That (hotel) alone can generate favourable returns based on its location in Dubai, a city with one of the highest occupancy rates in the world," Ghalayini said.
The health centre will target a large segment of the population in the GCC, the Arab world, and Europe, he added.
The Center will be developed with U.S.'s Duke University Health System and Partners Healthcare System and will provide prevention, medical spa and weight management programs.
The project's owners have raised equity with partners from Gulf countries including Siraj Capital, Gulf Investment Corporation, Al Ahlia Investments and Mohamed Naghi.
Construction will start in the fourth quarter of this year is expected to take 12 to 18 months.
"We were drawn to this project for its uniqueness and its international flavour, as well as its healthy financial model based on feasibility studies conducted by AC Neilson and KPMG," Ghalayini said.
Quick Links(Residental)
Filter by address:
No Comments