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Tue 1 Oct 2019 09:09 AM

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Emaar's Alabbar rings Nasdaq bell to herald $500m sukuk

Ten-year sukuk to support Emaar Properties' regional and international expansion plans

Emaar's Alabbar rings Nasdaq bell to herald $500m sukuk
A $750m sukuk issued by Emaar Properties in 2016 is also listed on Nasdaq Dubai, as well as a $750m sukuk listed by Emaar Malls in 2014.

Mohamed Alabbar, chairman of Emaar Properties, celebrated the company’s listing of a $500 million sukuk by ringing the Nasdaq Dubai market-opening bell on Monday.

Capital raised from the 10-year sukuk will support Emaar Properties’ regional and international expansion plans.

The sukuk has an annual return rate of 3.875 percent and is part of Emaar’s $2 billion bond issuance programme.

Alabbar 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.”

A $750m sukuk issued by Emaar Properties in 2016 is also listed on Nasdaq Dubai, as well as a $750m sukuk listed by Emaar Malls in 2014.

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “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 $8.85billion. The exchange will maintain its strong support for Sukuk issuances for the benefit of issuers and investors and to promote successful economic development.”

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