DAMAC to issue five-year Islamic bond

March 29, 2014 11:47 am

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.