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Dubai's Emaar raises $500 million with bond

Dubai's Emaar raises $500 million with bond

The builder of the world's tallest skyscraper says it's raised $500 million through an international bond, offering hope that debt-crippled Dubai companies also can raise fresh capital on world markets.
A statement by Emaar Properties on Thursday says the sukok, or Islamic bond, has a maturity of 5 1/2 years at a 8.5 percent yield.
Emaar has been hit by Dubai's financial slump, but fared better than most with a valuable portfolio including The Dubai Mall and Burj Khalifa, the world's tallest tower.
Emaar is publicly listed, but is partially owned by companies linked to Dubai's government.
Many of Dubai's state-run developers are hobbled by debt and could consider selling assets or offering shares to raise cash.


Updated : 2021-08-05 05:56 GMT+08:00