Emaar Properties saw strong demand for a $500 million seven-year Islamic bond, or sukuk, priced on Thursday, arranging banks said, in the latest sign that investor confidence in Dubai is returning as state-owned firms repay their debts.
Orders worth $4.65 billion were placed for the sukuk from 185 individual investors, according to statistics provided by the lead banks.
While problems remain at some state-linked enterprises, most notably at Dubai Group, a unit of Dubai Holding, Dubai has been successfully rebuilding its reputation among international investors since shocking global markets in November 2009 with a request to restructure $25 billion of debt at Dubai World.
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