Business Services Industry
Emaar to raise US$1 billion in debut Islamic facility.
Middle East and North Africa Business Report, October, 2006
Oct. 3--Emaar Properties PJSC, the Dubai-based Public Joint Stock Company, will raise US$1 billion through Musharaka Islamic syndication. The five-year facility will primarily be used to finance Emaar's large-scale international projects and complete its multi-billion dirham projects in the UAE. The syndicated Musharaka facility is the first debt issue for Emaar in terms of size and scope, and will be instrumental in meeting the company's growth needs in the near future. The pioneering transaction is crucial in reinforcing Emaar's ties with global financial powerhouses that will participate in the syndication. Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: "The Musharaka Islamic syndication reiterates Emaar's Vision 2010 of becoming one of the world's...
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