Nakheel lists Dhs3.6bn Sukuk

Dubai-based developer Nakheel, a Dubai World company, listed today a 2-year AED denominated Sukuk on the Dubai International Finance Exchange valued at Dhs3.6bn ($981m), the company said in a statement. The Sukuk will conform to the principles of Islamic Sharia and will be based on an Ijara (lease financing) structure. Dubai Islamic Bank, JP Morgan and NBD Investment bank were the lead managers and joint book runners for the transaction. Dubai World is guaranteeing the payment obligations under the Sukuk.