Damac clarifies its stand on the sukuk issuance

Damac Properties announced that its shares remain unaffected due to the issuance of the sukuk by Damac Real Estate Development Limited

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

Damac Properties announced that its shares remain unaffected due to the issuance of the sukuk by Damac Real Estate Development Limited.

In a statement to the Dubai Financial Market (DFM), the real estate developer said that the sukuk issuance will result in additional borrowing on the books of Damac Properties.

"The issuance is in line with the company's debt issuance strategy," read the statement.

Earlier this month, it was reported that the firm had raised finance through sukuk certificates.

In a statement to 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.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020