Emaar Properties appoints banks for 10-yr sukuk issue

Dubai – Mubasher: Emaar Properties, a global leading real estate developer based in Dubai, announced the appointment of Standard Chartered Bank as sole global coordinator and Dubai Islamic Banks as Shariah advisor.

The two banks will be acting along with Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, Mashreq Bank, and Sharjah Islamic Bank as joint lead managers and bookrunners to arrange fixed income investor meetings, the property developer said in a statement to the Dubai Financial Market (DFM).

The meetings will be held in Singapore, Hong Kong, and London as of 6 September 2019, according to the statement.

Following the organisation of these meetings, a USD Regulation S Senior Unsecured Sukuk issuance with a 10-year tenor offering under Emaar’s $2 billion Trust Certificate Issuance Programme may take place subject to market conditions, the company highlighted.

“Emaar Properties acts in the capacity of obligator under the programme,” the statement noted.

It is worth noting that in the first half of 2019, Emaar Properties logged a net profit of AED 3.110 billion for and generated revenue of AED 11.569 billion for H1-19.

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