Emaar malls’ sukuk raises mood at Dubai market

: Thursday, June 05 - 2014 @ 18:28

The Dubai Financial Market General Index (DFMGI) ended a two-day losing streak and finished the first week of June 1.63 per cent higher at 5,100.68 points on Thursday, June 5.

Market leader Emaar Properties was in the limelight on the trading floor. The biggest developer in the UAE gained two per cent to hit AED10.15. Earlier in the day, Emaar revealed that its retail subsidiary Emaar Malls Group will kick off, on June 8, a series of investor meetings in Asia, Europe and the Middle East in order to launch a dollar benchmark Islamic bond (sukuk). Emaar Malls Group will be listed through an IPO, with a value between AED8 billion and AED9bn ($2.18bn and $2.45bn) this summer, Emaar announced earlier in the year. The shares of Dubai National Insurance and Reinsurance lost the most, diving 8.47 per cent to AED2.60.

Gérard Al-Fil

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Thursday, June 5- 2014 @ 18:28 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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