Nakheel is all set for the second tranche of Dh4.8 billion Islamic bond, or sukuk, to be issued to its trade creditors by the end of April, chairman Ali Rashid Lootah said on Wednesday.
The developer of palm-shaped island issued the first tranche of the five-year sukuk worth Dh3.8 billion to its trade creditors in the last week of August and the asset-backed Islamic bond carries a profit rate of 10 per cent.
“The second tranche... will be launched at the end of this month, it will be on the same terms and listing will be done as soon as possible,” Lootah told reporters at the ground-breaking of the company’s new Palma Residences project in Dubai.
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