Damac aims to raise $400 million in sukuk issue

Real_estate_fundDubai-based real estate developer Damac has begun marketing a $400 million, five-year sukuk. The Islamic bond has an initial price guidance at just beyond 6% and has attracted orders in the region of $850 million. Barclays and HSBC have been recruited as global coordinators for the issue while Barclays, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Mashreq Bank, Sharjah Islamic Bank and Kamco Investment Company will act as joint lead managers and bookrunners. The developer, the second largest in Dubai, said it had received indicative tenders worth more than $180 million from holders of its outstanding $650 million sukuk due to mature in 2019. In April, Damac founder Hussain Sajwani celebrated the wedding of his daughter Amira, Damac’s chief financial officer, in a lavish ceremony attended by the Dubai royal family and the two sons of US president Donald Trump. ©2018 funds global mena

Executive Interviews

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.


ROUNDTABLE: Charting the pace of reform

Nov 23, 2017

Saudi Arabian index inclusion, the onset of taxes and the Dana Gas controversy were among the issues discussed by our cross-industry panel. Chaired by George Mitton in Dubai.


Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.