Dubai's Damac Properties raises $100m via sukuk

The property developer said in a statement to Dubai Financial Market that it has raised $100m through the private placement of 18-month sukuk certificates

Akoya Oxygen is one of Damac's projects in Dubai.
Akoya Oxygen is one of Damac's projects in Dubai.

Dubai's Damac Properties has reportedly raised finance through sukuk certificates.

In a statement to Dubai Financial Market (DFM) on Tuesday, 22 September, 2015, the company said Damac Properties has raised $100m through private placement of 18-month sukuk certificates.

The certificates, rated BB by Standard & Poors, were issued by its unit Damac Real Estate Development, the statement added. 

Emirates NBD was the sole lead manager for the transaction.

Damac's developments include Akoya Oxygen (pictured) and Akoya by Damac, both of which are situated in Dubai. 

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