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Article: United Arab Emirates : Dubai to Raise $1.93 Billion in Biggest Sukuk Sale.
- Article from:
- TendersInfo
- Article date:
- October 29, 2009
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Byline: babalu03
Dubai raised $1.93 billion in its first Islamic bond sale, the biggest from the Gulf region this year, as the emirate benefits from rising demand for Shariah- compliant debt.
The Persian Gulf emirate sold $1.25 billion of dollar- denominated, five-year, fixed-rate Islamic bonds, or sukuk, priced to yield 6.39 percent, the government said today in an e- mailed statement. Another 2.5 billion dirhams ($680 million) of local-currency floating-rate Islamic notes priced to yield 5.65 percent. Dubai attracted more than $6.3 billion in orders, the statement said.
Dubai and its state-controlled companies are raising funds after they ...