Dubai – Mubasher: Emaar Properties has hired banks to arrange for the issuance of the US dollar-denominated senior unsecured Sukuk of a 10-year tenor.

The Sukuk will be issued under the company's $2 billion trust certificate issuance programme, according to a bourse filing on Monday.

The company has mandated Dubai Islamic Bank (DIB), Emirates NBD Capital, First Abu Dhabi Bank (FAB), Mashreq Bank, and Standard Chartered Bank as joint lead managers and bookrunners.

The banks will arrange a global investor call and a series of 1-1 and group fixed income investor calls commencing on 28 June 2021.

It is noteworthy to mention that S&P Global Ratings has upgraded its outlook for Emaar Properties to stable from negative and affirmed its longterm credit rating at 'BB+'.