Emaar to hold investor calls ahead of bond sale

Emaar Properties has received an improved outlook from S&P Global Ratings this week, helped by a recovering Dubai property market. (Shutterstock)

• The Dubai-listed company said it was arranging investor calls for the planned sale which forms part of its $2 billion trust certificate issuance program

DUBAI: Developer Emaar Properties is planning a benchmark bond sale amid improving real estate sentiment in the emirate.
The Dubai-listed company said it was arranging investor calls for the planned sale which forms part of its $2 billion trust certificate issuance program.
It has hired Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq Bank and Standard Chartered  Bank as lead managers and joint book runners, it said in a stock exchange filing on Monday.
Emaar Properties has received an improved outlook from S&P Global Ratings this week, helped by a recovering Dubai property market.
The developer of the world’s tallest tower was moved to a stable outlook from negative as property prices in some areas of the emirate improved for the first time since 2015.
The developer has reported a surge in pre-sales in the UAE to 10.5 billion dirhams ($2.85 billion) for the first five months of 2021, compared to 6.3 billion dirhams reported for all of 2020.
S&P Global Ratings expect a rebound in the company’s earnings this year with earnings before interest, taxes, depreciation and amortization (EBITDA) likely to exceed 8 billion dirhams.
“After a tough 2020, data for first-quarter 2021 suggests that the residential real estate market in Dubai has bottomed out and now offers attractive opportunities for developers, especially for premium properties,” S&P said in a statement.