Emaar Malls launches debut sukuk

Published: June 11, 2014

Company behind The Dubai Mall prices first Islamic-finance deal to raise US$750mn.

Emaar Malls, a shopping-centre subsidiary of Dubai-based Emaar Properties, has priced its debut sukuk as it hits the Islamic-finance market to raise US$750mn.

According to one of the banks behind the deal, the 10-year, Reg S paper is being sold with a profit rate of 4.564%, priced at 182.5 basis points over 10-year mid-swaps. That price was tightened from initial guidance of 200 basis points.

Emaar Malls owns and operates several properties, its flagship being The Dubai Mall (pictured). According to a prospectus for its sukuk, the proceeds of the sukuk will be used to refinance existing debt, as well as for general corporate matters.

Abu Dhabi Islamic Bank, Al-Hilal Bank, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Mashreq, Morgan Stanley, National Bank of Abu Dhabi, Noor Bank, Standard Chartered Bank and Union National Bank are running the deal.