Emirates REIT Considers Buying Back USD 400 Million Worth of Sukuk

United Arab Emirates (UAE)-based Emirates Real Estate Investment Trust (Emirates REIT) is considering to buy back approximately USD 400 million worth outstanding Sukuk to improve its balance sheet.

This decision is being considered in the light of the impact of COVID-19 on the property market in Dubai, UAE, as real estate investment firms across the region were already grappling with an oversupplied market and sluggish demand.

Sylvain Vieujot, the Chief Executive Officer of Emirates REIT had stated that the Sukuk repurchase was discussed during the recent earnings call and added that Emirates REIT’s Sukuk was at an attractive price at the moment. However, he had declined to co...