UAE’s Aldar Properties plans to offer new Islamic bonds

By Rebecca Melvin

New York, Aug. 31 – The United Arab Emirates’ Aldar Properties PJSC has selected banks for a planned sukuk, or Islamic bond, to be issued subject to market conditions, according to a market source on Friday.

The Abu Dhabi-based real estate company has mandated Standard Chartered plc and First Abu Dhabi Bank PJSC, with possibly other banks to be added, to organize the issuance, which is expected to be announced within a matter of weeks.

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