Dubai – Mubasher: Dubai Investment Park Development Company (DIPDC) has appointed both HSBC Holdings and Citigroup to sell sukuk issue in early 2019.
DIP, which is a wholly-owned subsidiary of Dubai Investments, a diversifiedDubai-based investment group, aims to use proceeds of the potential Islamic bond offering in financing existing sukuk issued in 2014, people familiar with the matter said.
The sale of Islamic bonds by DIPDC could raise about $500 million, one of the people said.
Dubai Investments’ property unit is also working with First Abu Dhabi Bank (FAD), Emirates NBD and Dubai Islamic Bank to place the five-year notes.
“The DIP sukuk 2014 is maturing in February 2019 and DIPDC is considering refinancing the sukuk through various means including a potential sukuk issuance,” Khalid Bin Kalban, CEO of Dubai Investments, said.
