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Aldar Properties’ arm appoints banks for US dollar sukuk issue

Aldar Properties’ arm appoints banks for US dollar sukuk issue
Aldar plans to sell sukuk with a 10-year maturity and a benchmark size of not less than $500 million
DIB
DIB
0.38% 5.33 0.02
Aldar
ALDAR
-0.46% 2.17 -0.01
FAB
NBAD
0.13% 15.30 0.02

Abu Dhabi – Mubasher: Aldar Investment Properties, a wholly-owned subsidiary of the leading Abu Dhabi-based developer Aldar Properties, has appointed a group of banks to arrange investor meetings ahead of a planned US dollar-denominated sukuk or Islamic bonds, Reuters reported, citing a document issued by one of the banks.

The group of banks includes Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered, according to the London-based news agency.

The document noted that the company plans to sell sukuk with a 10-year maturity and a benchmark size of not less than $500 million.

On 1 October, Aldar Properties announced it contributed an amount of AED 36 million to the UAE’s national fund Sandooq Al Watan, bringing its total contributions in the fund to AED 120 million.

In the second quarter of 2019, Aldar had recorded a net profit of AED 476 million, versus AED 445 million in Q2-18.