Dubai’s Damac said to hire Barclays, HSBC for possible #sukuk
Damac Properties Dubai hired banks for a possible sale of U.S. dollar-denominated sukuk. Hired banks include Barclays and HSBC and more banks will follow to arrange the debt sale, which may happen as soon as this month. Damac is the latest company in the Middle East looking to tap the bond market amid a busy start to a year for debt sales. Besides sovereigns like Saudi Arabia and Qatar, Sharjah Islamic Bank, Oman Telecommunications and Noor Bank are among those waiting to access capital in the next few weeks. Issuance from the Gulf Cooperation Council climbed to $22.8 billion so far this year, the second-best first quarter in at least 12 years.
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