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| (ameinfo)Abyaar Vice-Chairman and Managing Director Marzooq Al Rashdan |
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Abyaar Real Estate Development, a Kuwait-based developer, has postponed plans to raise a $1 billion (Dh3.67bn) sukuk, or Islamic bonds, which was initially planned by year-end, a top company official said.
"We have postponed the sukuk after looking at the current market sentiments. We will consider entering the market when conditions are conducive," Abyaar Vice-Chairman and Managing Director Marzooq Al Rashdan told Emirates Business on the sidelines of Cityscape yesterday.
Abyaar's regional real estate investment portfolio has touched Dh25bn and is set to increase further. "We will increase our investments as and when we tap potential in the market," he said.
The firm is also expecting to achieve an Internal Rate of Return of more than 15 per cent in Dubai, depending on the market trend.
Source: Business 24-7
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