Dubai developer Emaar is sounding out investors on $2b debt programme
Developers are still working out ways to tap low interest rate funding that is available
Dubai: Emaar Properties is doing the groundwork for a debt offering, hoping to tap into the still low interest rate environment that is out there. These are still early days and the Dubai master-developer may yet decide not to press ahead.
This is what is Emaar’s sights – a dollar-denominated senior unsecured sukuk with a 10-year tenor as part of its $2 billion ‘Trust Certificate Issuance Programme’. Dubai Islamic Bank, Emirates NBD Capital, Fist Abu Dhabi Bank, Mashreq Bank and Standard Chartered were selected to arrange an investor call as well one-on-one meetings from today (June 28).
But any decision on the debt issue, its size and timing will “follow subject to market conditions”.