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Dubai's Emaar Properties secures $500 million via Islamic bonds

The builder of the world's tallest building, Dubai's Burj Khalifa, last issued international bonds in 2019, raising $500 million via sukuk.

June 29, 2021 / 10:31 PM IST
A logo of Dubai's Emaar Properties

A logo of Dubai's Emaar Properties

Emaar Properties (EMAR.DU), Dubai's largest listed property developer, sold $500 million in 10-year sukuk, or Islamic bonds, at 3.7% on Tuesday after they drew more than $3.3 billion in orders, a document showed.

The sukuk were tightened from an initial price guidance of around 4.25%, a document from one of the banks in the deal showed.

Dubai Islamic Bank (DISB.DU), Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank (FAB.AD), Mashreqbank (MASB.DU) and Standard Chartered (STAN.L) arranged the deal.

Reuters reported early this month that Emaar had hired banks to arrange a dollar sukuk sale.