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Dubai's Emaar says final terms confirmed for $500m sukuk

Real estate giant says final terms for 10-year sukuk delivered to Dubai Financial Services Authority and Nasdaq Dubai

Emaar is listed in Dubai.
CW Archives
Emaar is listed in Dubai.

Dubai Financial Market-listed (DFM) and chairman Mohamed Alabbar-led Emaar Properties has signed the final terms related to the issuance of $500m (AED1.8bn) sukuk as part of its $2bn (AED7.3bn) debt-raising programme. 

In a stock market filing, Emaar said the final terms had been delivered to Dubai Financial Services Authority and Nasdaq Dubai. 

According to UAE state news agency, Wam, the 10-year sukuk will carry an annual return of 3.9%.

Emaar has conducted investor meetings in Singapore, Hong Kong, and London as part of the sukuk issuance programme. 

The developer previously confirmed that it had appointed Standard Chartered as the global coordinator for the programme, alongside local banks including Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank, and Sharjah Islamic Bank, as well as Frankfurt-headquartered Deutsche Bank, as joint lead managers and bookrunners for the transaction.

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Oct 13, 2019