KAMCO acts as Joint Lead Manager and Bookrunner for DAMAC’s USD 400mn sukuk issuance
KUWAIT: KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, acted as one of the Joint Lead Managers (“JLMs”) and bookrunners for Dubai real estate developer DAMAC Properties’ (“DAMAC”) USD 400 million 5 year sukuk issuance with a 6.625% yield.
In addition to KAMCO, Barclays, Dubai Islamic Bank, Emirates NBD Capital and HSBC acted as JLMs in the Islamic sukuk issuance. The transaction was well received by international and regional investors with orders reaching USD 850 million.
Mr. Khaled Fouad, Chief Investment Officer at KAMCO, said, “KAMCO is very pleased to have been one of the Joint Lead Managers in DAMAC’s latest sukuk transaction. This transaction was another step towards KAMCO offering both Islamic and conventional services to its clients in the region. Islamic sukuk are a key component to corporates and governments funding base. We will also continue to provide our trusted clients with various financial solutions that will strengthen their position while improving the local and regional economy.”
Also commenting on the issuance, Mr. Omar Zaineddine, Senior Vice President and Head on the Investment Banking Department at KAMCO, said, “We are proud to have played a role in the sukuk issuance of one of the leading real-estate developers in the region. With a unique understanding and in-depth knowledge of industry trends, the investment banking team will continue to be actively involved in investment banking transaction that add value to both KAMCO’s clients and the capital markets as a whole.”
of KAMCO Investment Company, incorporated in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.