Emaar Meets Investors Today

Emaar Properties is meeting with investors in London today for a possible new sukuk, or Islamic bond, issue under the company’s $2 billion programme, according to the builder of the world’s tallest tower, Burj Khalifa.

The Dubai-based property developer has picked Standard Chartered, HSBC Holdings, Al Hilal Bank, Qatar’s Barwa Bank, Emirates NBD, Dubai Islamic Bank and Noor Islamic Bank for the deal.

Last year in February, Emaar Properties issued a $500 million sukuk which carried a profit rate of 8.5 per cent under the programme.

“A USD RegS only sukuk transaction under the company’s $2 billion Trust Certificate Issuance Programme may follow subject to market conditions,” Emaar said in a statement posted on Dubai Financial Market, or DFM, website on Tuesday.

The Dubai Mall, the world’s largest shopping mall, also belonged to Emaar Properties and the developer used the mall as collateral to secure a $1 billion lending for refinancing its upcoming debt last year.

Emaar stocks closed 0.3 per cent lower on the DFM prior to the sukuk meeting announcement.

The Shariah-compliant debt market has been resilient during the latest phase of the eurozone crisis and most regional deals so far in 2012 have been in the form of sukuk.

Khaleejtimes