Emaar

Emaar Properties has priced its first international fixed-income offering, raising $500 million via the issuance of trust certificates with a maturity of 5.5 years at a yield of 8.500 per cent.

Orascom Construction Industries (OCI), Egypt’s largest general contracting firm, has signed a deal with Emaar Misr for two projects worth a combined $141m. Emaar Misr, a wholly owned subsidiary of Dubai-based developer Emaar Properties PJSC, has appointed OCI to complete work on its Mivida residential development in New Cairo and villas at its Marassi project on the north coast of Egypt, North residential projects.

Emaar Properties, the developer of the world’s tallest building, plans to issue a benchmark dollar bond and pricing is expected to be announced on Thursday (today), according to sources. Last week, the developer announced that the company had hired top three global banks to arrange fixed-income meetings ahead of a possible bond issue.

Emaar Properties PJSC plans to sell as much as $2bn of Islamic bonds, its first in more than six years, as the developer of the world’s tallest tower in Dubai taps appetite for higher-yielding assets.

Emaar Properties, the developer of the world’s tallest tower in Dubai, set up a $2bn Islamic bond programme, according to a bond prospectus seen by Bloomberg News. The Dubai government-controlled company yesterday said it hired HSBC Holdings, Royal Bank of Scotland Group and Standard Chartered to arrange meetings with fixed-income investors in Asia, the Gulf Arab countries, and Europe. The meetings will start January 21.

Emaar Healthcare Group, the healthcare subsidiary of Emaar Properties has entered into a collaboration with Emirates Healthcare Limited (EHL) on its healthcare portfolio.

Emaar Properties, the Dubai developer behind the Burj Khalifa, has moved to quash rumours that the company would provide a loan to Amlak Finance that would be converted into equity. In a statement to the Dubai Financial Market today, Emaar Properties has said that the committee restructuring Amlak Finance, the publicly listed Islamic financing house that has a specialism in home loans, had considered a number of options, which included a AED 230 million loan-into-stock deal.

Dubai developer Emaar Properties may raise its stake in troubled Islamic mortgage provider Amlak but has not decided by how much, Emaar's chairman said on al Arabiya television. The United Arab Emirates' largest listed property firm may also take provisions related to Amlak in the first quarter of 2011, Mohammed Alabbar said in an interview on Wednesday. "I believe if this is part of the solution (for Amlak) we will raise the stake," he said.

A new season of the popular Farmers' Market in Dubai will be held at Souk Al Bahar. Following on its launch success in April, and by popular demand, the Farmers' Market returns on Friday 10 December as a weekly event (with the exception of Friday 31 December) throughout the cooler months, between 10.00 - 17.00.

Emaar has established a wholly owned subsidiary, which proposes to issue up to $500m of convertible notes on the Luxembourg Stock Exchange. The money will be lent to Emaar while the notes would be converted, from time to time, into fully paid ordinary shares at the discretion of the holder of the notes.