Government to list sukuk on Dubai and London bourses
The government of Dubai will issue a $2.5bn Islamic bond by the end of October, which will be priced at between 350 and 400 basis points above the mid-point of bids and offers on similar bonds, according to bankers close to the deal.
The Department of Finance, which is leading the issue, is now marketing the sukuk to investors following a roadshow in several international markets. The Dubai government will list the five-year sukuk on the London Stock Exchange and Dubai Financial Market.
A Cayman Islands entity created by the Dubai Department of Finance will issue the sukuk. Dubai Islamic Bank and Emirates NBD, the UK’s Standard Chartered Bank, Japan’s Mitsubishi UFJ, and Switzerland’s UBS will arrange the deal.
Dubai’s government and the local companies that it owns or supports are trying to refinance debts built up during the economic boom. The Dubai Civil Aviation Authority is trying to refinance a $1bn sukuk while local real estate developer Union Properties is trying to restructure a $749m loan (MEED 14:10:09).
You might also like...
TotalEnergies to acquire remaining 50% SapuraOMV stake
26 April 2024
Hyundai E&C breaks ground on Jafurah gas project
26 April 2024
Abu Dhabi signs air taxi deals
26 April 2024
Spanish developer to invest in Saudi housing
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.