Dubai: Emaar Properties, the developer of the world’s tallest tower, said on Tuesday it has signed the final terms related to the issuance of $500 million in sukuk (Islamic bonds).
The 10-year sukuk will have an annual return of 3.875 per cent, the company said, and are part of Emaar’s $2 billion bond issuance programme.
The signing of terms follows meetings Emaar held with fixed income investors in Singapore, Hong Kong, and London on September 6. The company said earlier this month it has appointed banks to arrange the issuance of the sukuk, and said the issuance “may follow subject to market conditions.”
Standard Chartered is coordinating the issuance, while Dubai Islamic Bank is acting as Sharia adviser. Other banks managing the process are Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank, and Sharjah Islamic Bank.