International law firms Allen & Overy and Linklaters have advised Emaar Properties and its arranging banks on the property firm’s $500 million seven-year Islamic bond, or sukuk, a prospectus for the offering showed.

Allen & Overy represented the arranging banks, which included the Abu Dhabi Islamic Bank, Standard Chartered, HSBC Holdings, Abu Dhabi's Al Hilal Bank, Qatar's Barwa Bank, Emirates NBD, the Dubai Islamic Bank, and the Noor Islamic Bank. Linklaters, meanwhile, advised Emaar, the builder Burj Khalifa, world's tallest tower. Maples & Calder advised Emaar on Cayman Islands law related to the special purpose vehicle (SPV) created for the sukuk.

Emaar's offering carried a profit rate of 6.4 percent, and was priced at par on Thursday. Orders worth $4.65 billion were placed for the sukuk from 185 individual investors, indicating strong demand in the latest sign that investor confidence in Dubai is returning as state-owned firms repay their debts.

Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.

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