Wednesday 19 January 2011

Dubai’s Emaar sets up $2bn Islamic bond programme - Real Estate - ArabianBusiness.com

In November, it was reported that Emaar, developer of Burj Khalifa, the world’s tallest building, was tackling a debt of AEDS3.8bn ($1.3bn) maturing in 2011.

The company considering selling its own headquarters in order to finance the repayment.

Emaar Properties reported a net profit of AED2.17bn for the first nine months of 2010, compared to a loss of AED392.8m for the same period in 2009.

Moody’s Investors Service yesterday rated the bond programme at ‘B1’ with a negative outlook.

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