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Emaar Properties selects seven potential banks for sukuk

Dubai's Emaar Properties has selected at least seven regional and international banks to arrange investor meetings in London ahead of a possible new Islamic bond issue, Reuters has reported. A sukuk issue under the company's $2bn sukuk programme may follow, subject to market conditions, arranging banks said. The builder of the world's tallest tower, Burj Khalifa, has mandated the banks for the meetings which are to take place on July 11, and only in London. Emaar, which saw sales of apartments plunge 85% last year, is gradually shifting its focus towards the more profitable hospitality and retail sectors. The company plans to focus on boosting revenues from its global operations and enhancing profit from recurring revenues, its chief executive Mohammed Alabbar said earlier this year.