Dubai’s Emaar may raise $500 million via Islamic bonds

• The builder of the world’s tallest building, Dubai’s Burj Khalifa, last issued international bonds in 2019, raising $500mln via sukuk

• Emaar is 29.22% owned by state fund Investment Corporation of Dubai

Dubai real estate company Emaar Properties has hired banks for issuance of US dollar-denominated Islamic bonds, or sukuk, as soon as next week, Reuters reported.

The builder of the world’s tallest building, Dubai’s Burj Khalifa, last issued international bonds in 2019, raising $500 million via sukuk.

The 10-year sukuk issued in 2019 at a rate of 3.875% traded at 101.3 cents on the dollar on Wednesday, data from Refinitiv’s Tradeweb showed.

Emaar, which is 29.22% owned by state fund Investment Corporation of Dubai, last month reported an 8% rise in first-quarter net profit to 657 million dirhams ($178.88 million), which founder Mohamed Alabbar said was “comparable” with pre-pandemic results in 2019.