Dubai Mall
Emaar to raise $800m loan at a discount to its sukuk
Mon, 2011-12-12 10:41 — newsdeskIt seems that the Emaar Properties PJSC agreed on an $800 million Islamic loan with three banks that pays 3.5 per cent more than the benchmark rate.
The developer of the world’s tallest tower will also pay fees for the facility, which is supplied by Dubai Islamic Bank PJSC, Standard Chartered Plc and National Bank of Abu Dhabi PJSC. The financing is backed by Emaar’s flagship Dubai Mall.
The so-called profit rate is about 4%, compared with a yield of 8.55% on November 30 on Emaar’s Islamic bond maturing August 2016.
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