Emaar re-opens Middle East property sector, borrowers line up

01 Oct 2010

Emaar Properties, the Dubai-based developer, raised $450m on Wednesday from the sale of convertible bonds in a deal that boosted the Middle East real estate sector after two years of plunging prices had made it off-limits to all but the hardiest international investors.

It has also re-opened the capital markets to potential supply from other Dubai-based companies, said bankers."This was a huge day for Dubai. On Tuesday everybody was asking how strong demand would be. On Wednesday morning the lights went amber. After this, it’s flashing green," said Julian Hall, head ...

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