Damac mandates banks for US dollar debts – Agency

Damac mandates banks for US dollar debts – Agency
One of Damac's projects (Photo Credit: Company Website)
Damac DAMAC 0.70% 2.88 0.02

Dubai – Mubasher: Damac Properties has mandated banks for the sale of a US dollar-denominated debt, Reuters reported on Monday.

The company has a $100 million sukuk issue maturing on 21 March and a $650 million sukuk issue maturing in 2019, the news agency quoted a source close to the matter as saying.

The company’s current liquidity stands at AED 8 billion, of which AED 1-1.2 billion are at the administration’s disposal to fund projects, while the remaining amount is in escrow.

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Source: Mubasher

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