Middle East property boom boosts Islamic bonds

Strong interest in the Middle East real estate sector is prompting continued activity in Islamic bonds, or sukuks. The latest deal, a five-year issue by Abu Dhabi property developer Aldar Properties, was increased from $1.3 billion to $2.53 billion, making it the third largest bond in the sukuk market. Launched on February 20 and underwritten by Barclays Capital, Credit Suisse and the National Bank of Abu Dhabi, the deal attracted sufficient interest for the order book to top $13 billion.

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