Emaar Properties EMAR.DU, which built the world's tallest building, priced a $500 million Islamic bond at a profit rate of 8.5 percent, three sources said, as the first UAE sukuk of the year was oversubscribed.
The five-and-a-half year sukuk, issued as part a $2 billion bond programme, attracted $1.7 billion in bids, one source close to the deal said on Thursday.
"This is a great price given real estate element. They did well to keep it at single digits and not hit 10 percent," one banker who did not want to be identified said.
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