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Tue 22 Sep 2015 09:16 AM

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UAE's Damac says unit raises $100m in new funding

Financing was raised through private placement of 18-month sukuk certificates

UAE's Damac says unit raises $100m in new funding

Dubai's Damac Properties said on Tuesday that it raised $100 million through private placement of 18-month sukuk certificates.

The certificates, rated BB by Standard & Poors, were issued by its unit Damac Real Estate Development Ltd, it said in a bourse statement.

Emirates NBD was the sole lead manager for the transaction.