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Thu 5 Jun 2014 11:53 AM

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Dubai Emaar's Malls unit to meet investors ahead of potential sukuk issue

Burj Khalifa developer is set to soon list up to 25% of subsidiary on Dubai bourse

Dubai Emaar's Malls unit to meet investors ahead of potential sukuk issue
(AFP/Getty Images)

The malls unit of Dubai's Emaar Properties will hold meetings with fixed income investors from June 8 ahead of a potential benchmark-sized sukuk issue, Emaar said in a statement on Thursday.

Dubai Islamic Bank, Emirates NBD, Mashreq, Morgan Stanley, First Gulf Bank, National Bank of Abu Dhabi, Noor Bank and Standard Chartered will be arranging the meetings on Emaar's behalf.

These will be held in Asia, Europe and the Middle East and the sukuk will be sold afterwards, subject to market conditions, the statement added.

Benchmark size is traditionally understood to be worth at least $500m.

The developer plans to list up to 25 percent of Emaar Malls Group on the Dubai bourse at a later date in a flotation that is expected to be valued at around AED8-9bn ($2.18-$2.45bn).

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