Dubai-based Emaar Properties has issued a $500m bond as it seeks to raise funds to settle debts and fund projects outside the emirate.
The region’s largest developer, builder of the world’s tallest tower, issued the five-and-a-half-year Islamic bond as part of a broader $2bn programme, paying a profit (equivalent interest) rate of 8.5 per cent.
The sukuk will list on the London Stock Exchange. Last year, Emaar sold a convertible bond worth $500m. The government-backed developer appointed HSBC, Standard Chartered and Royal Bank of Scotland to arrange the deal, which took in roadshows across the Middle East, Europe and Asia.
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