Nakheel, a Dubai World company, listed today a 2-year AED denominated Sukuk.
The deal came after an extensive roadshow which covered the UAE, Bahrain, Saudi Arabia, Qatar and the United Kingdom.
A total of over 30 orders for in excess of AED 4.2 billion were received.
Following initial price guidance of 6 month EIBOR + 225 - 250 bps, the transaction was priced at the tight end at 6 month EIBOR + 225 bps. The book closed at a size of AED 3.6 billion. The Middle East took the largest share of the offering (88%) with the remaining going to international accounts. By account type, banks comprised 81% of the order book, followed by fund and asset managers (15%) and private banks (4%).
Dubai Islamic Bank, JP Morgan and NBD Investment bank were the lead managers and joint book runners for the transaction and the Sukuk will be listed on the DIFX.
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About Nakheel:
Nakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century:
Creating a world class destination for living, business and tourism.
Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai, and now in key markets around the globe, across a range of sectors - residential, commercial, hotels, retail, and leisure. Upon completion Nakheel's waterfront projects will have added more than 1000km of shoreline to Dubai's coastline.
Nakheel's Dubai portfolio currently includes Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City and Dragon Mart.
Nakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries.
Further information can be found at www.nakheel.com
© Press Release 2008
