UAE – Mubasher: The UAE-based holding company Majid Al Futtaim has mandated a group of banks to arrange a potential issue of US dollar-denominated green sukuk, Reuters reported, citing a document by one of the banks leading the deal.

The Emirati company has appointed BNP Paribas, Citigroup, and HSBC to arrange the ten-year deal, along with Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Emirates NBD Capital, and First Abu Dhabi Bank (FAB) as joint lead managers.

In May, a document by one of the banks managing the transaction previously revealed that Majid Al Futtaim had begun its roadshow to promote for its ten-year US dollar-denominated green sukuk at around 245 basis points over average swap rates.

The proceeds of the sukuk will be used to bolster eco-friendly projects such as renewable energy and sustainable water management,