DUBAI
Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, has asked banks for proposals to arrange a US dollar denominated sukuk, or Islamic bond, sources familiar with the matter said on Tuesday.
It would be the first dollar bond issued by the company, one of the largest industrial investment companies in the United Arab Emirates.
The company did not immediately respond to a request for comment.
The sukuk would be used for expansion, a source familiar with the company said.
Even though the company has never borrowed via public bonds, it has been active in the bank loan market over the past years.
In March it agreed a $400 million three- and five-year loan, which replaced an existing $750 million revolving loan raised in 2013.
Another Abu Dhabi-owned company, Abu Dhabi National Oil Company (Adnoc), has also targeted debt funding, sources told Reuters last month. The oil major is considering a loan facility of up to $5 billion and a bond of up to $3 billion sources said.
