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Emaar Properties hires banks to issue US dollar Sukuk

Emaar Properties hires banks to issue US dollar Sukuk
Emaar has hired banks to issue US dollar Sukuk next week
Emaar
EMAAR
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Dubai – Mubasher: Emaar Properties has hired banks to issue US dollar-denominated Sukuk next week, two sources told Reuters without announcing the amount that the company seeks to raise.

Emaar's last issuance of international bonds was in 2019 to raise $500 million through a 10-year Sukuk.

As part of a $2 billion debt programme offering investors between 250 and 255 basis points over mid-swaps, the Sukuk was sold at a rate of 3.875% and traded at 101.3 cents.

It is noteworthy to mention that in the first quarter (Q1) of 2021, the Dubai-based real estate developer reported an 8% rise in net profits to AED 657 million from AED 609 million in the same quarter of 2020.