|29 April, 2019

UAE's Majid Al Futtaim hires banks for green dollar sukuk

HSBC and Standard Chartered have been hired as global coordinators

Image used for illustrative purpose.

Image used for illustrative purpose.

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DUBAI - Majid Al Futtaim, a United Arab Emirates-based developer and operator of shopping malls, has hired banks to arrange investor meetings ahead of a potential issue of U.S. dollar-denominated "green" Islamic bonds, or sukuk, a document issued by one of the banks showed on Monday.

The proceeds of the sukuk - which will have a maturity ranging between seven and 10 years - will be used to finance and a portfolio of so-called "green projects", the document said.

HSBC and Standard Chartered have been hired as global coordinators, and they are joint-lead managers, together with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Gulf International Bank.

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

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