|10 September, 2019

Dubai's Emaar Properties sells $500mln 10-year sukuk

The transaction has received orders of nearly $2.5 billion

A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018. REUTERS/Ahmed Jadallah

A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018. REUTERS/Ahmed Jadallah

Ahmed Jadallah

DUBAI: Dubai's largest listed developer Emaar Properties is set to raise on Tuesday $500 million from the sale of Islamic bonds, or sukuk, a document issued by one of the banks leading the deal showed.

The transaction has received orders of nearly $2.5 billion, including $300 million of interest from the banks arranging the deal, said the document.

The deal, part of a $2 billion debt programme, is offering investors a profit rate equivalent to 235 basis points over mid-swaps.

Standard Chartered was hired to coordinate the deal.

Other banks leading the transaction are Dubai Islamic Bank, Deutsche Bank DBKGn.DE , Emirates NBD Capital ENBD.DU , First Abu Dhabi Bank, Mashreqbank and Sharjah Islamic Bank, the document showed.

(Reporting by Davide Barbuscia, editing by Louise Heavens and Emelia Sithole-Matarise) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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