Abu Dhabi royalty-owned company hires banks for dollar sukuk - document

The company, which owns a portfolio of mainly residential real estate in Abu Dhabi, hired Emirates NBD Capital and First Abu Dhabi Bank as global coordinators

  
A general view shows the beach road in the UAE capital Abu Dhabi in this December 2006 file photo.

A general view shows the beach road in the UAE capital Abu Dhabi in this December 2006 file photo.

REUTERS/Stringer

DUBAI - The Private Department of Sheikh Mohamed Bin Khalid Al Nahyan, owned by members of Abu Dhabi's ruling family, has hired banks for a sale of five-year U.S. dollar-denominated sukuk, or Islamic bonds, a document showed on Monday.

The company, which owns a portfolio of mainly residential real estate in Abu Dhabi, hired Emirates NBD Capital and First Abu Dhabi Bank as global coordinators. Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreqbank will join them in arranging fixed income investor calls starting on Monday, the document from one of the banks showed.

A sukuk issue under the company's $1 billion trust certificate issuance programme will follow, subject to market conditions.

(Reporting by Yousef Saba; Editing by Himani Sarkar) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))


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