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DAMAC to issue five-year Islamic bond

: Saturday, March 29 - 2014 @ 11:47

Dubai-based property developer, Damac Real Estate has started investor meetings yesterday ahead of its potential debut sukuk offering, a closely watched deal in the emirate’s crowded property market, Reuters has reported. The luxury real estate developer is expected to raise $500m through the five-year note, according to Standard & Poor’s, which has assigned a preliminary rating of BB to the issue. The developer launched a three-day roadshow in Singapore on March 28, before moving to the UAE on March 30 and London on March 31.

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Saturday, March 29- 2014 @ 11:47 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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