Emaar Properties, the developer of the world’s tallest tower in Dubai, set up a $2bn Islamic bond programme, according to a bond prospectus seen by Bloomberg News.

Mohammed Alabbar, chairman, Emaar Properties
Mohammed Alabbar, chairman, Emaar Properties

The Dubai government-controlled company yesterday said it hired HSBC Holdings, Royal Bank of Scotland Group and Standard Chartered to arrange meetings with fixed-income investors in Asia, the Gulf Arab countries, and Europe. The meetings will start January 21.

In a statement to Dubai bourse, Emaar said a “transaction may follow subject to market conditions.”

In November, it was reported that Emaar, developer of Burj Khalifa, the world’s tallest building, was tackling a debt of AEDS3.8bn ($1.3bn) maturing in 2011.