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.