Emaar Properties Planning to Issue Benchmark USD-denominated Sukuk as Dubai’s Real Estate Market Sentiment Improves 

United Arab Emirates’ (UAE) property developer, Emaar Properties, is planning to issue a new benchmark USD-denominated Sukuk amid improving real estate sentiment in Dubai, following a global investor call and a series of meetings with fixed income investors, according to a statement issued by the company to the Dubai Financial Market dated 28th of June 2021.

Why it Matters?

The benchmark USD Regulation S Senior Unsecured Sukuk, which would come under Emaar Properties’ USD 2 billion Trust Certificate Issuance Programme, is expected to have a 10-year tenure, if issued. S&P Global recently improved its outlook on Emaar Properties to Stable from Negative, while maintaining its BB+ Rating, based on improving first quarter data for 2021, sugg...