Nakheel hires banks for $1b sukuk sale
Nakheel PJSC hired a group of three banks to help it sell about $1 billion of Islamic bonds.
Dubai Islamic Bank PJSC, Emirates NBD PJSC and JPMorgan Chase & Co. will organise the two-year floating-rate Ijarah sukuk, Chief Financial Officer Kar Tung Quek said in an interview yesterday.
To achieve our plans for this year we calculate we need about $5 billion. We typically fund our business from property sales and borrowing, and the sukuk will be part of that,” Quek said.
Banks will be able to buy the sukuk in UAE dirhams or US dollars, Quek said. Nakheel and its bankers will start promotional meetings with potential investors in the Gulf from April 20 before moving to London, he said. (Bloomberg)
Dubai Islamic Bank PJSC, Emirates NBD PJSC and JPMorgan Chase & Co. will organise the two-year floating-rate Ijarah sukuk, Chief Financial Officer Kar Tung Quek said in an interview yesterday.
To achieve our plans for this year we calculate we need about $5 billion. We typically fund our business from property sales and borrowing, and the sukuk will be part of that,” Quek said.
Banks will be able to buy the sukuk in UAE dirhams or US dollars, Quek said. Nakheel and its bankers will start promotional meetings with potential investors in the Gulf from April 20 before moving to London, he said. (Bloomberg)
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