Emaar inks final terms for $500m sukuk

Emaar inks final terms for $500m sukuk

By Waheed Abbas

Published: Tue 17 Sep 2019, 8:03 PM

Last updated: Tue 17 Sep 2019, 10:06 PM

Emaar Properties on Tuesday said it had signed final terms with the lenders related for the issuance of $500 million (Dh1.8 billion) Islamic bond (sukuk).
The developer said in a statement to Dubai Financial Market that the 10-year trust certificates will carry an annual return of 3.875 per cent.
The company had arranged meetings with fixed-income investors in Singapore, Hong Kong and London on September 6 ahead of the issuance of the sukuk under the company's $2 billion Trust Certificate Issuance Programme.
The developer earlier said that it had hired Standard Chartered as sole global coordinator while other banks involved in the transaction were Dubai Islamic Bank, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Sharjah Islamic Bank.
A recent report by Brand Finance had ranked Emaar Properties 14th among the world's strongest real estate firms in 2019 with brand value estimated at $2.7 billion (Dh9.9 billion). The report expects the company- which has some iconic projects such as Burj Khalifa and Dubai Mall to its name - will maintain improving its brand value due to its large-scale projects. Emaar Properties generated a net profit of Dh3.11 billion while its revenues reached Dh11.57 billion in the first-half of 2019.
- waheedabbas@khaleejtimes.com

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