Emirates REIT to issue $300m Sukuk

Emirates REIT to issue $300m Sukuk
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Emirates REIT
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Dubai - Mubasher: Emirates REIT plans to issue a debut Islamic bond (sukuk) of at around $300 million by the end of this year, according to a statement issued by Nasdaq Dubai.

The sharia-compliant real estate investment trust will issue US dollars denominated sukuk that could potentially replace all of the company's outstanding debt, the report cited an anonymous company source, who spoke on condition of anonymity because of commercial sensitivities.

The dollar-denominated bond issuance out of the six-nation Gulf Cooperation Council (GCC) has totalled $79.2 billion so far this year, higher than the record $63.5 billion during last year, as shown by the data of Thomson Reuters.

Emirates REIT has called a shareholder meeting on 23 November to discuss the planned sukuk, which could be issued shortly after that date.