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Bloomberg
Damac Properties Dubai Co. hired banks including Barclays Plc and HSBC Bank Plc for a possible sale of US dollar-denominated Islamic bonds, according to people familiar with the matter. The second-largest listed real estate developer in Dubai is expected to hire more banks to arrange the debt sale, which may happen as soon as this month, said the people, who asked not to be identified as the matter is private. A spokesman at Damac declined to comment.
The developer in February reported full-year net income that missed the lowest analyst estimate. Hussein Sajwani, who owns 72 percent of Damac, said in January that he was open to selling as much as 15 percent of his majority stake in the company. Damac is the latest company in the Middle East looking to tap the bond market amid a busy start to a year for debt sales. Besides sovereigns like Saudi Arabia, Sharjah Islamic Bank, and Noor Bank PJSC are among those waiting to access capital in the next few weeks, sources said.