Amit Jain, Emaar Chief Financial Officer, told Zawya Dow Jones: “The total listed programme is for $4bn, but we only plan to issue $2bn.”
Bankers involved in the financing say the restriction in issuance is largely due to the global chokehold on lending.
The company – the Middle East’s largest real estate developer – sent a prospectus for a $2bn euro medium-term note programme to the UK Listing Authority, while another prospectus for a $2 billion trust certificate programme by a Shariah-compliant unit of Emaar was also approved. The Islamic programme will be managed by HSBC Holding and Royal Bank of Scotland Group.
Emaar shares closed down 6.8 per cent at Dh2.05 yesterday, and have lost more than 80 per cent of their value over the past year.