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Dubai property sukuk rally on Expo hopes

Event's hosting right to spur 26b dirhams of infrastructure

Published Mon, Oct 28, 2013 · 10:00 PM
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[DUBAI] As spotless black sedans shuttled World Expo officials through Dubai's streets last week, yields of Islamic bonds from local developers Emaar Properties and Nakheel dropped to record lows.

The declines underscored growing optimism that the Middle East business hub and second richest member of the United Arab Emirates (UAE) will be named as host of the 2020 event when members of the Bureau International des Expositions vote in Paris next month.

Sukuk from Emaar, developer of the world's tallest tower, and Nakheel, which built Dubai's artificial palm-shaped isla…

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