Dubai plans to issue Islamic sukuk denominated in dollars

The Emirate of Dubai is in talks with a number of banks regarding a possible sale of Islamic sukuk denominated in US dollars.

Bloomberg said that Dubai had already submitted a request last week to issue a reference sukuk, indicating that no final decision has yet been taken on whether to issue or not to proceed.

The agency said that Dubai is currently discussing obtaining financing in other ways, including issuing the first international bonds since 2016, and obtaining loans.

Last April, Dubai raised about one billion dirhams ($ 272 million) from a private placement of sukuk, in light of what the emirate is doing to collect funds after it had repercussions The Coronavirus pandemic will affect its economy, which depends mainly on tourism and trade.

Dubai sold the sukuk for 8 years, yielding 4.71%, according to the agency, and Standard Chartered Bank was the sole coordinator of the offering.

(Amazon Fun Knowledge)