August 2, 2021
Real Estate

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.

Abu Dhabi Commercial Bank (ADCB.AD), Dubai Islamic Bank (DISB.DU) and Mashreq (MASB.DU) will join them in arranging investor calls starting on Monday, the document from one of the banks showed.

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…

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