Dubai: The chairman of Emaar Properties, Mohammed Alabbar, rang the Nasdaq Dubai market-opening bell on Monday to mark the listing of a $500-million-sukuk (Islamic bonds) by the company.
The capital raised through the bond issuance will support Emaar’s expansion plans regionally and internationally.
The 10-year sukuk have an annual return rate of 3.875 per cent and are part of Emaar’s $2 billion bond issuance programme.
In early September, Emaar arranged roadshows in Asia and in London to meet fixed income investors ahead of the sukuk issuance.
Alabbar said in a statement the growth of the sukuk market has helped bridge the gap in infrastructure financing, and described the growth there as “tremendous.”
In 2016, Emaar also issued sukuk, worth $750 million, which were listed on Nasdaq Dubai, and in 2014, Emaar Malls listed $750 million sukuk on the same exchange.