ANL 32.21 Increased By ▲ 0.51 (1.61%)
ASC 18.65 Increased By ▲ 1.20 (6.88%)
ASL 26.45 Decreased By ▼ -0.15 (-0.56%)
AVN 91.35 Increased By ▲ 0.85 (0.94%)
BOP 8.21 Increased By ▲ 0.03 (0.37%)
BYCO 11.84 Increased By ▲ 0.49 (4.32%)
DGKC 126.00 Decreased By ▼ -2.50 (-1.95%)
EPCL 48.20 Increased By ▲ 0.05 (0.1%)
FCCL 23.96 Increased By ▲ 0.06 (0.25%)
FFBL 27.90 Decreased By ▼ -0.09 (-0.32%)
FFL 17.79 Decreased By ▼ -0.15 (-0.84%)
HASCOL 11.45 Increased By ▲ 0.25 (2.23%)
HUBC 78.30 Decreased By ▼ -0.70 (-0.89%)
HUMNL 8.64 Decreased By ▼ -0.08 (-0.92%)
JSCL 24.65 Increased By ▲ 0.35 (1.44%)
KAPCO 44.75 Increased By ▲ 0.06 (0.13%)
KEL 4.19 Decreased By ▼ -0.03 (-0.71%)
LOTCHEM 16.31 Decreased By ▼ -0.29 (-1.75%)
MLCF 46.70 Decreased By ▼ -0.35 (-0.74%)
PAEL 36.20 Increased By ▲ 0.32 (0.89%)
PIBTL 11.04 Decreased By ▼ -0.11 (-0.99%)
POWER 10.08 Decreased By ▼ -0.02 (-0.2%)
PPL 90.20 Decreased By ▼ -0.50 (-0.55%)
PRL 26.25 Increased By ▲ 0.31 (1.2%)
PTC 14.00 Increased By ▲ 0.99 (7.61%)
SILK 1.58 Increased By ▲ 0.02 (1.28%)
SNGP 48.20 Increased By ▲ 0.25 (0.52%)
TRG 168.50 Decreased By ▼ -3.30 (-1.92%)
UNITY 49.39 Increased By ▲ 0.14 (0.28%)
WTL 4.26 Increased By ▲ 0.01 (0.24%)
BR100 5,282 Increased By ▲ 24.37 (0.46%)
BR30 27,601 Increased By ▲ 45.56 (0.17%)
KSE100 48,305 Increased By ▲ 53.23 (0.11%)
KSE30 19,479 Decreased By ▼ -58.87 (-0.3%)
Markets

Dubai developer Emaar hires banks for dollar sukuk sale

  • The builder of the world's tallest building, Dubai's Burj Khalifa, last issued international bonds in 2019, raising $500 million via sukuk.
  • The 10-year sukuk issued in 2019 at a rate of 3.875% traded at 101.3 cents on the dollar on Wednesday.
02 Jun 2021

DUBAI: Dubai real estate company Emaar Properties has hired banks for issuance of US dollar-denominated Islamic bonds, or sukuk, as soon as next week, two sources close to the matter said without disclosing how much it aims to raise.

The builder of the world's tallest building, Dubai's Burj Khalifa, last issued international bonds in 2019, raising $500 million via sukuk.

Emaar did not immediately respond to a Reuters request for comment.

S&P Global Ratings downgraded Emaar to a BB+ "junk" rating last July as the real estate and retail sectors were slammed by the COVID-19 pandemic and related restrictions.

The 10-year sukuk issued in 2019 at a rate of 3.875% traded at 101.3 cents on the dollar on Wednesday, data from Refinitiv's Tradeweb showed.

Emaar, which is 29.22% owned by state fund Investment Corporation of Dubai, last month reported an 8% rise in first-quarter net profit to 657 million dirhams ($178.88 million), which founder Mohamed Alabbar said was "comparable" with pre-pandemic results in 2019.

The company and its subsidiaries have outstanding debt of $817.25 million, Refinitiv data shows.