UAE—Dentons has advised DAMAC Real Estate Development Limited, a leading developer of high-end and luxury residential property in the Middle East, on its debut debt issuance of a USD650,000,000 five year Regulation 'S' senior unsecured Sukuk maturing in April 2019, issued at a profit rate of 4.97 per cent.

The Sukuk was issued via a Cayman Islands special purpose vehicle, Alpha Star Holding Limited. Barclays, Citi and Deutsche Bank acted as Joint Global Co-ordinators and Joint Lead Managers on the deal, joined by Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and National Bank of Abu Dhabi as Joint Lead Managers.

Dentons capital markets partner, Alex Roussos, commented: "We are very proud to have advised Damac on its inaugural debt issuance. The very strong demand for this Sukuk is testament to investors' belief in the company's strength and success and more generally in Dubai's future".

The Dentons team was led by Alex Roussos.

Walkers advised Alpha Star on Cayman Islands law.

Linklaters LLP advised the Managers on English and UAE law matters.

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