UPDATE 1-Emaar Properties hires banks for dollar Islamic bonds - Reuters:
Dubai’s largest listed developer, Emaar Properties, has hired banks to arrange the potential issuance of dollar Islamic bonds, re-entering international debt markets after it put previous bond plans on hold.
Emaar, which is 29.2% owned by state fund Investment Corporation of Dubai, is looking to issue 10-year sukuk, or Islamic bonds, after meeting investors in Asia and London from Sept. 6, according to a document seen by Reuters issued by one of the banks leading the deal.
The planned deal, part of a $2 billion debt raising programme, comes amid tough conditions in the Dubai property market, where oversupply has seen residential prices slide by at least a quarter since mid-2014.
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