Emaar Properties plans to issue benchmark sukuk as Dubai real estate market improves

Emaar Properties plans to issue benchmark sukuk as Dubai real estate market improves

Emaar Properties, the UAE's biggest listed property developer by market capitalisation, plans to issue a new benchmark sukuk.

The company appointed Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, Mashreq Bank and Standard Chartered Bank as joint lead arrangers for a global investor call and a series of one-to-one and group meetings with fixed income investors, it said in a statement to the Dubai Financial Market, where its shares trade.

"A benchmark US dollar ... senior unsecured sukuk with a 10-year tenor under Emaar Properties' $2 billion Trust Certificate Issuance Programme may follow subject to market conditions," the statement said.