Dubai – Mubasher: Emaar Properties, listed on Dubai Financial Market (DFM), on Wednesday announced that its board agreed on an Islamic- compliant financing (Murabaha) agreement between Emaar Development and First Abu Dhabi Bank, worth $1.5 billion.

Emaar Properties would submit a temporary guarantee until assets are transferred to Emaar Development, in preparation for listing it on DFM, according to a bourse statement.

The Ordinary General Meeting (OGM) is called to convene on 15 October to discuss assets transfer to Emaar Development, as well as listing it on DFM, Emaar added, noting that it will also discuss offering 30% of the company’s stocks to the public.