(MENAFN) Emaar Properties' Chairman, Mohammed Alabbar, stated that the developer has managed to raise USD500 million through an Islamic bond (Sukuk), reported Xinhua News.
Alabbar said that the company's second internationally placed Sukuk in 18 months has a maturity of 7 years; moreover, it was priced at a yield at 6.40 percent, 519.3 basis points over the 7 years US dollar mid-swap rate.
He added that European investors accounted for 38 percent of the transaction, Middle East investors for 48 percent, Asian investors for 13 percent and offshore-US investors accounted for 1 percent.
It is worth noting that the issuance was executed after Emaar, the UAE's biggest property developer by market value, received positive feedback at an investors' road-show in London, organized by a group of 6 UAE banks and 2 UK banks.
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