The decision to seek Ministry approval for the issue and listing of a Sukuk on the Abu Dhabi Stock Exchange was taken at a board meeting held on October 30th 2006 where the third quarter financial results were approved.
ALDAR Chief Financial Officer Shafqat Malik commented: "ALDAR is developing a number of large scale projects for which we will be raising finance partly through debentures and/or Sukuk. Issuing a sharia compliant bond in particular will give Islamic finance investors an opportunity to participate in the issue and will allow us to take advantage of the current liquidity in the Islamic finance market."
Once permission from the Ministry is received, ALDAR will seek approval from its shareholders before issuing the Sukuk and/or debentures.
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ALDAR Properties to issue Sukuk/debenture
- United Arab Emirates: Wednesday, November 08 - 2006 at 08:09
- PRESS RELEASE
ALDAR Properties PJSC confirmed today that it is seeking approval from the Ministry of Economy, to call for a general assembly of its shareholders for the purposes of issuing Sukuk (Islamic Bond) and/or debentures in early 2007.
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For further information, please contact:Karen Lay at SAREEM INTERNATIONAL, Tel: + 971 4 343 3688
Fax: + 971 321 1988
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Shamma Al Nuaimi - Media Manager
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ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company headquartered in Abu Dhabi, UAE. The company was formed as a result of an initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors
ALDAR Properties PJSC was created to fast track real estate investment opportunities, and to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.
The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate, such as the Central Market in Abu Dhabi, the Al Raha Beach Development ,Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi, and Al Jimi Mall Expansion in Al Ain.
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, November 08 - 2006 at 08:09 UAE local time (GMT+4)
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This article was updated on Mon Mar 19 2007.
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