Aldar Properties hires banks for $750m sukuk issue

Aldar Properties hires banks for $750m sukuk issue
“The issue will refinance a $750 million outstanding sukuk"
DIB
DIB
0.76% 5.29 0.04
Aldar Properties
ALDAR
-0.58% 1.70 -0.01
FAB
NBAD
0.68% 14.80 0.10

Dubai – Mubasher: Aldar Properties has reportedly hired a group of banks to arrange a US dollar-denominated sukuk issue at a minimum value of $750 million.

The lenders involved in the deal included JPMorgan, Standard Chartered, First Abu Dhabi Bank (FAB), and Dubai Islamic Bank (DIB), Reuters reported, citing informed sources.

“The issue will refinance a $750 million outstanding sukuk, or Islamic bond, due in December this year. The size of the transaction could increase, depending on demand,” one of the sources revealed.

Aldar reported a 28.2% year-on-year profit decline during the first half of 2018, recording AED 445.227 million ($121.24 million).

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