Dubai-based Emaar Properties is raising $500 million through a bond sale, Financial Times reports. The five-and-a-half-year Islamic bond, issued as part of a $2 billion bond program, had a profit rate of 8.5%.
The sukuk will be listed on the London Stock Exchange. The deal was arranged by HSBC, Standard Chartered and Royal Bank of Scotland. Emaar will use the proceeds to settle debts and fund projects outside the emirate.
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