Dubai’s Emaar to host investor meetings for sukuk

Dubai-based property developer Emaar has revealed plans to arrange fixed income investor meetings in Asia, the Middle East and Europe for a sukuk valued at up to $2bn.

In a filing to Dubai Financial Market on August 31, the company said the meetings would begin on September 4, with the denominated sukuk to follow, subject to market conditions.

Standard Chartered has been appointed the sole global coordinator.

Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Mashreq, NBAD, Noor Bank, Standard Chartered and Union National Bank will act as joint lead managers and book runners.

Emaar reported an 8 per cent rise in second quarter new profit and a 12 per cent increase in the first half.

Read: Dubai’s Emaar Properties Q2 net profit up 8%

The company is embarking on a number of new projects including the Dubai Creek Harbour development, which features a tower taller than Emaar’s iconic Burj Khalifa.

In Pics: Dubai’s new Creek tower to be taller than Burj Khalifa

It has used bonds to fund key projects in the past, including a $500m convertible bond in 2010 with an initial conversion price of Dhs4.75 a share.