Emaar Properties signs final terms relating to issuance of $500m trust certificate

Issuance is part of developer’s $2bn Trust Certificate Issuance Programme

Emaar Properties, the Dubai-based developer, has announced that it has signed final terms related to the issuance of a $500 million trust certificate.

The issuance is part of the developer’s $2 billion Trust Certificate Issuance Programme, a filing to the Dubai Financial Market said.

Emaar added that the announcement of the 10-year sukuk carry an annual return of 3.875 percent due in 2029, and that it follows meetings with investors in Singapore, Hong Kong and London, regarding the possible offering of a US dollar regulation S Senior Unsecured Sukuk.

The final terms were delivered to Dubai Financial Services (DFSA) and Nasdaq Dubai for the admission to the official list of DFSA and to trading on Nasdaq Dubai of the certificates, the filing added.

According to a report by Gulf News, Standard Chartered is coordinating the issuance, while Dubai Islamic Bank is acting as Sharia adviser. Other banks managing the process are Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank and Sharjah Islamic Bank.

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