News

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: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

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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.

Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.