Meraas issues Sukuk, sets up new management company with Dubai Holding
Meraas Holding carried out a private issue of Sukuk totalling $400 million due to mature in 2022 with a coupon of 5.112 per cent late in May.
Institutions involved as book-runners included Dubai Islamic Bank, Emirates NBD, Noor Bank, Sharjah Islamic Bank and Warba Bank.
The bond was issued through Meraas Sukuk, a Cayman Islands-registered special purpoe entity formed to issue Islamic debt securities.
Just a few days later, it was announced that Dubai Holding and Meraas Holding have set up a new project management company that will manage multi-billion dollar projects by both firms as well as other third parties. This new company will utilise the expertise currently available at both firms to manage the execution and delivery of some of Dubai’s landmark projects.
The new company will be led by Raed Kajoor Al Nuaimi, who has left DXB Entertainments. Dubai Holding also announced the departure of Mohamed Al Mulla from Arab Media Group (AMG), the entertainment arm of the Group. Al Mulla will take on a new role as Chief Executive Officer of DXB Entertainments, effective immediately. A replacement for Al Mulla at AMG will be announced in due course.