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Tue 17 Sep 2019 01:59 PM

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Dubai's Emaar says final terms signed for $500m sukuk issuance

Announcement of 10-year sukuk follows meetings with investors in Asia and London from September 6

Dubai's Emaar says final terms signed for $500m sukuk issuance
Emaar Properties is the developer behind Downtown Dubai.

Emaar Properties said on Tuesday it has signed final terms related to the issuance of a $500 million Islamic bond, also known as sukuk. 

Emaar said in a statement on Dubai Financial Market that the issuance is part of its $2 billion debt raising programme.

The announcement of the 10-year sukuk with an annual return of 3.875 percent follows meetings with investors in Asia and London from September 6.

The company previously said it had hired Standard Chartered has sole global coordinator for the deal while other banks leading the transaction are Dubai Islamic Bank, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Sharjah Islamic Bank.

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