Property

Emaar lists $750m sukuk on Nasdaq Dubai

Listing has raised the total value of sukuk listed in Dubai to $45.5bn

MEConstruction News.com

Developer Emaar Properties on Monday listed a $750 million sukuk on Nasdaq Dubai, the region’s international financial exchange.

The listing has raised the total value of the sukuk listed in Dubai to $45.5 billion, an indication of the emirate’s position as the world’s largest sukuk listing centre by value, a Nasdaq Dubai statement said.

A $500 million sukuk issued by the Dubai-based Emaar Properties in July 2012 is also listed on the exchange.

The bourse added that there had been 14 sukuk with a total value of $10 billion listed this year.

In August this year, Emaar Properties reported 8% higher net profits for the second quarter of 2016, when the developer made $346 million, compared to $320.9 million last year.

Revenue for the period hit $1.015 billion, 7% higher than the same time last year, Emaar said in a statement.

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