Dubai's Union Properties may issue sukuk to back MotorCity project

Dubai's Union Properties may issue sukuk to back MotorCity project:

"Dubai’s Union Properties may issue Islamic bonds to fund construction of a new property development in the emirate worth some 8 billion dirhams ($2.2 billion), the company’s chairman said on Monday. Union Properties will raise about 2 billion dirhams per year of financing, Nasser Butti Omeir bin Yousef said during a press conference. The company has multiple potential sources of funding, including sukuk and conventional bonds, he added. It will take a decision on which instrument to use by the end of this year."



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