Majid Al Futtaim hires banks for green dollar sukuk

DUBAI: Majid Al Futtaim, a UAE-based developer and operator of shopping malls, has hired banks to arrange investor meetings ahead of a potential issue of US dollar-denominated “green” Islamic bonds, or sukuk, a document issued by one of the banks showed on Monday.

The proceeds of the sukuk — which will have a maturity ranging between seven and 10 years — will be used to finance and a portfolio of so-called “green projects”, the document said.

HSBC and Standard Chartered have been hired as global coordinators, and they are joint-lead managers, together with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Gulf International Bank.