Emaar picks global, local banks for potential 10-year sukuk issuance
The developer will conduct investor meetings in Singapore, Hong Kong, and London from 6 September for the potential deal
Dubai Financial Market-listed (DFM) real estate developer Emaar Properties has picked Standard Chartered as sole global coordinator as it explores the issuance of a 10-year sukuk for its $2bn (AED7.3bn) trust issuance certificate programme.
Other banks, including local entities such as Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank, and Sharjah Islamic Bank, as well as Frankfurt-headquartered Deutsche Bank, have been appointed as joint lead managers and bookrunners for the potential transaction.
In a stock market filing, Emaar said that as part of the potential sukuk issuance, it would organise investor meetings in Singapore, Hong Kong, and London from 6 September, 2019.
In H1 2019, Emaar recorded a 52% increase in its half-yearly sales, which stood at $2.6bn (AED9.4bn) compared to $1.7bn (AED6.2bn) in H1 2018.
Its sales backlog for the period ending 30 June, 2019 — including international operations — totalled $13.4bn (AED49.2bn).