Dubai Investments Park (DIP) was planning a five-year Sukuk sale to refinance outstanding notes.
Wednesday 30, January 2019 BY KUDAKWASHE MUZORIWA
Dubai Investments Park (DIP) has postponed its planned issue of US dollar-denominated Sukuk, saying more attractive funding alternatives available.
DIP had mandated Citi, HSBC as well as Dubai Islamic Bank, Emirates NBD Capital and First Abu Dhabi Bank as lead managers and bookrunners for the planned debt issue.
In a statement, the park which includes a university, six schools and five operational hotels, stated that it will continue to monitor markets and plans to re-engage with investors at an appropriate time.
Other Dubai-based property developers such as Emaar and Nakheel have put plans to issue bonds on hold to avoid paying a yield premium to attract investors wary of Dubai's property price slide, reported Reuters.