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Dubai s Emaar expected to raise $500 million via Islamic bonds
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DUBAI: Developer Emaar Properties is planning a benchmark bond sale amid improving real estate sentiment in the emirate.
The Dubai-listed company said it was arranging investor calls for the planned sale which forms part of its $2 billion trust certificate issuance program.
It has hired Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank and Standard Chartered Bank as lead managers and joint book runners, it said in a stock exchange filing on Monday.
Emaar Properties has received an improved outlook from S&P Global Ratings this week, helped by a recovering Dubai property market.
The developer of the world’s tallest tower was moved to a stable outlook from negative as property prices in some areas of the emirate improved for the first time since 2015.