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.
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.
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.