The syndicated Musharaka facility is Emaar's first massive debt issue, and the success of it is seen as fundamental to enabling international expansion. "The Musharaka Islamic syndication reiterates Emaar's vision of becoming one of the world's most valuable companies through international expansion and diversification," says Emaar chairman Mohamed Ali Alabbar. "Working with key global Islamic finance institutions further enhances our position in the capital markets."

Emaar, one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. Current projects include the $20-billion Downtown Burj Dubai development and a range of projects around the globe in Saudi Arabia, Egypt, Morocco, Syria, Tunisia, Turkey, Pakistan and India. In Saudi Arabia, Emaar is developing the $26.6-billion King Abdullah Economic City. Master-planning skills acquired in this project are being used to master-plan communities in India and to expand into education and healthcare sectors.