Abu Dhabi – Mubasher:  Manazel Real Estate’s ordinary general meeting (OGM) has approved a proposal to issue sukuk at a maximum value of AED 2.6 billion.

The five- and seven-year sukuk can be issued in the UAE or abroad, according to a bourse statement released on Tuesday.

The OGM also authorised the board to act in full capacity with regard to the sukuk issuance.

Manazel’s shareholders approved the recommendation to not to distribute dividends for 2017, the UAE-based developer revealed.