Sulja Bros. Building Supplies, Ltd (SLJB)

[S.A.G.]

Emaar Properties to raise $1b through debt issue
Staff Report



Dubai: Emaar Properties will raise $1 billion through Musharaka Islamic syndication, the company said in a statement.

The five-year facility will primarily be used to finance Emaar's large-scale international projects and complete its multi-billion dirham projects in the UAE.

"The syndicated Mush-araka facility is the first debt issue for Emaar in terms of size and scope, and will be instrumental in meeting the company's growth needs in the near future. The pioneering transaction is crucial in reinforcing Emaar's ties with global financial powerhouses that will participate in the syndication," the company statement said.

Emaar's international roster of projects now spans Saudi Arabia, Egypt, Morocco, Syria, Tunisia, Turkey, Pakistan and India.

In Saudi Arabia, Emaar is developing the $26.6 billion King Abdullah Econ-omic City, a six-component project which will bring in a new era of economic prosperity to the Kingdom. The property developer is extending its core competency of developing master-planned communities in the other markets apart from undertaking strategic initiatives in education and healthcare sectors.

Mohammad Ali Al Abbar, Chairman of Emaar Properties, said: "The Musharaka Islamic syndication reiterates Emaar's Vision 2010 of becoming one of the world's most valuable companies through international expansion and diversification. Working with key global Islamic finance institutions further enhances our position in the capital markets."

Emaar, one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index.

With more than 14,000 homes handed over to customers, Emaar has several major real estate projects in various stages of development in Dubai.

Emaar is marching ahead with the construction of its Dh73 billion ($20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world's tallest tower when completed in 2008.