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