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EEMEA round-up: UAE

The Nakheel Group has sold a $2.5 billion ijara sukuk, the first equity-linked sukuk to be issued.

Investors will have the right to participate in any future qualifying public offering that the group undertakes. Funds raised will be used for financing the group’s general corporate activities. “Along with Dubai Ports, Nakheel is one of our key strategic companies and forms part of Dubai World, a world-class holding company and growth engine for the Emirate,” says Ahmed bin Sulayem, chairman of Dubai World. Dubai World is guaranteeing the payment obligations due under the sukuk. Dubai Islamic Bank and Barclays Capital acted as lead underwriters and joint bookrunners for the sukuk.

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