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Report: Aldar Properties plans US$750M sukuk offering

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Report: Aldar Properties plans US$750M sukuk offering

United Arab Emirates' Aldar Properties PJSC plans to issue a U.S. dollar-denominated sukuk, or Islamic bond, of at least US$750 million to refinance an outstanding sukuk of the same amount due in December, Reuters reported, citing sources familiar with the matter.

The Abu Dhabi-headquartered development company has tapped JPMorgan, Standard Chartered and First Abu Dhabi Bank for the debt sale, which is also expected to involve Dubai Islamic Bank. The sukuk issuance could be announced next week, the Sept. 10 report added.

Dubai Islamic Bank did not respond to the news agency's request for comment, while Aldar and the other banks involved declined to comment.