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Dubai's Emaar said to mull international bond issue

Emaar Properties, the developer of Dubai's Burj Khalifa, is reportedly considering an international bond issue in the second half of the year.

Bloomberg cited three people familiar with the matter as saying that the real estate company is appointing advisers for the dollar-denominated sale.

It said no final decision has been made, adding that Emaar may also decide against an offering if market conditions are not conducive.

Bloomberg said a spokesman for Emaar Properties didn’t respond to calls and e-mails seeking comment.

Governments and companies across the Gulf are increasingly tapping international capital markets. Qatar raised $9 billion via a bond sale last month, while Abu Dhabi issued $5 billion in April.

On Tuesday, Emaar Properties chief Mohamed Alabbar confirmed that the developer's new Dubai Creek Harbour tower project will be taller than the Burj Khalifa, currently the tallest in the world.

In an interview on Erin Burnett’s OutFront show on CNN, the Emaar boss said he expected work on The Tower at Dubai Creek Harbour to start next month.

Alabbar told Erin Burnett the tower would be 100 metres taller than the 828-metre Burj Khalifa.

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