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10-06-14

Dubai's Emaar issues sukuk next week

(MENAFN) Dubai's Emaar Properties is expected to issue 10-year sukuk during the current month as the current circumstances facilitate locking in longer-tenure funds at lower rates, according to the Emirates 24/7. The company will issue the sukuk after holding investor meetings on Tuesday for a benchmark-sized offering. Emaar Malls will sukuk in wakala structure, which is an Islamic finance structure, where certificates are issued by an originator to purchase specific assets. The company's plan to issue sukuk is part of its plan to sell a quarter of its unit to the public.