Emirates said its first Islamic Sukuk issue received subscriptions of $824 million against an initial target of $550 million. However, the carrier closed the order book at $550 million. The proceeds of the Islamic Sukuk Bonds issue will be used to finance Emirates' $354 million engineering center, which is scheduled to be completed early next year, and the new $191 million Emirates Group headquarters, which is expected to be inaugurated by the end of 2006.
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