Emaar Properties, builder of the world’s tallest tower, plans to issue a seven-year benchmark-sized sukuk this week, two market sources said on Wednesday, joining a growing list of Gulf Arab entities tapping demand for Islamic debt.
The potential sale would mark the Dubai developer’s return to the debt markets after more than a year and an opportune time to raise cheap financing. “This may be the best time for Emaar to tap the sukuk market at a lower profit margin as the yield on its previously issued sukuk which carries a coupon rate of 8.5 per cent has come down significantly to 5.7 per cent now,” said Sajeer Babu, a senior investment analyst at National Bank of Abu Dhabi………………………………………..Full Article: Source