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Jafza to issue $650m sukuk

Dubai government-owned Jebel Ali Free Zone plans to launch and issue a $650 million seven-year Islamic bond or sukuk this week, and books are now open, arranging banks said on Tuesday.

Profit rate guidance for the sukuk is indicated at between 7 and 7.25 percent.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank , National Bank of Abu Dhabi, Citi, Dubai Islamic Bank, Emirates NBD, Samba Financial Group and Standard Chartered are bookrunners on the deal. - Reuters