Dubai’s DAMAC hires int’l banks for potential sukuk sale

Dubai’s DAMAC hires int’l banks for potential sukuk sale
DAMAC is projected to hire more banks to arrange the Islamic bond sale
Damac DAMAC -0.67% 2.97 -0.02

Dubai – Mubasher: DAMAC Properties Dubai Co has appointed banks, including Barclays and HSBC Bank to manage a potential sale of US dollar-denominated sukuk.

The Dubai-based real estate developer is projected to hire more banks to arrange the Islamic bond sale, Bloomberg reported, citing sources familiar with the matter.

Moreover, sources forecast the debt sale to occur as soon as this month. A spokesperson at Damac declined to comment.

Adil Taqi, DAMAC’s chief financial officer, had previously said that the company’s gross debt, including sukuk and loans, stood at AED 4.8 billion as on 31 December 2017.

Taqi also noted that Dubai’s second-largest listed real estate developer is looking forward to luring capital markets to pump investments into its projects and achieve further growth.

DAMAC had previously posted a full-year net profit of AED 2,759.8 million during 2017, compared to AED 3,694.6 million a year earlier.

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Source: Mubasher

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