Dubai’s Samana Developers plans to tap Islamic debt markets for the first time, joining a growing list of real estate firms seeking to capitalize on the emirate’s longest running property boom.
Samana intends to issue a sukuk of around $300 million by the end of the first quarter of next year, Chief Executive Imran Farooq said in an interview.
The proceeds will be used to acquire land in prime and waterfront locations to enable the developer to expand its pipeline of ultra luxury homes. The firm is working with Emirates NBD, Dubai Islamic Bank and Standard Chartered on the planned ...