Real estate development company Emaar Properties is to launch its first-ever $50 million Islamic leasing bond (Ijara Sukuk )facility to fund its expanding portfolio of new commercial and residential projects in and around Dubai.
The five-year notes, to be issued on the Bahrain Stock Exchange, will have a variable rate of Ijarah return.
Chairman of the Liquidity Management Centre (LMC) Hussain Al-Meeza said his company will be the arranger of the deal, which will have an average life of 4.9 years, while LMC Emaar Sukuk will act as issuer for Emaar’s first tranche of Ijara Sukuk financing.
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of six billion dollars, the company has ten major real estate projects under various stages of development. The company also owns and manages the Gold and Diamond Park and will soon launch on its ambitious plans to build Burj Dubai - the tallest skyscraper in the world. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
