UAE’s Aldar Properties plans offering of dollar Islamic certificates

By Rebecca Melvin

New York, Sept. 17 – The United Arab Emirates’ Aldar Properties PJSC plan to issue new dollar-denominated trust certificates (Baa1), the company said in an announcement on Monday.

The Abu Dhabi-based real estate company is also tendering for a $750 million trust certificate due 2018, issued by Sukuk Funding (No. 3) Ltd. The tender, which expires Sept. 26, is contingent on the issue of new certificates.

First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc and Standard Chartered Bank are acting as lead dealer managers for the Regulation S notes, with Barclays Bank plc, Dubai Islamic Bank PJSC and HSBC Bank plc acting as co-dealer managers.

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