Abu Dhabi’s Aldar To Start Sukuk Roadshow On Nov.21

Aldar Properties, Abu Dhabi’s largest property developer, will hold roadshows for a benchmark-sized Islamic bond, or sukuk, from November 21-25, the company said in a bourse statement on Wednesday.

Aldar confirmed it had hired five banks to arrange the bond sale, as reported by Reuters earlier this week.

The banks are National Bank of Abu Dhabi, First Gulf Bank Dubai Islamic Bank, Standard Chartered and Goldman Sachs Inc.

It will hold investor meetings in the United Arab Emirates, Singapore, London, Hong Kong and Switzerland.

“A U.S. dollar benchmark RegS only sukuk transaction may follow subject to market conditions,” Aldar said.

Benchmark-sized typically means that the size of a bond will be at least $500 million.