Abu Dhabi real estate firm, owned by ruling family, in dollar sukuk sale
DUBAI, July 5 (Reuters) – The Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD), a relatively small real estate player in Abu Dhabi owned by members of its ruling family, has hired banks for a debut sale of U.S. dollar-denominated sukuk, or Islamic bonds, a document showed on Monday.
The company, which owns a portfolio that is focused 90% in the United Arab Emirates capital with the rest in neighbouring Dubai, hired Emirates NBD Capital (ENBD.DU) and First Abu Dhabi Bank (FAB.AD) as global coordinators.
A five-year sukuk sale will follow, subject to market conditions. Proceeds will fund capital expenditure and acquisitions, S&P Global Ratings said in a report.
The agency has…