The mall developer completed roadshows for a conventional offering from its $2 billion medium term notes program in June last year but decided not to issue a bond citing unfavorable market conditions.
It also picked Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC and Standard Chartered to set up a $1
billion Islamic bond program.
In November, a senior executive said the eventual sukuk would be between $350 million and $500 million carry a five-year tenor.
"Having set up the EMTN and Sukuk programs, we can now wait for the right market conditions and choose whether to issue a sukuk or a conventional bond," Iyad Malas, chief executive of MAF said in a statement.
Malas said the company was under no pressure to do an issuance and has sufficient liquidity to cover its needs for at least 18 months.
Unlisted MAF said that its 2011 revenues grew by 10 percent year over year to 18.7 billion dirhams ($5.09 billion). Its total assets are valued at over 35 billion dirhams and net debt of around 7.5 billion dirhams.
Its property unit saw a revenue increase of 21 percent to 2.8 billion dirhams.
The developer said that it expects to open around 15 new Carrefour hypermarkets and about 25 to 30 new supermarkets in 2012.
MAF raised $1 billion loan from a group of banks in July. The facility would be used for refinancing of a $1 billion loan maturing in July 2012 and to strengthen the liquidity position, the company said.
