The global expansion of securitization markets continues with the first-ever Dubai, United Arab Emirates-originated loan backed offering hitting U.S. investors' desks this month, as well as the recent pricing of a transaction backed by commercial property payments originated in Dubai. Last Wednesday saw the completion of a $200 million Gold Sukuk DMCC transaction, which will be followed by a $350 million deal from Emirates National Securitisation Corp., which is scheduled to price this month.

The Gold Sukuk DMCC deal was issued by the Dubai Metals and Commodities Centre, which was set up by the UAE government to establish and grow a commodities trading infrastructure in Dubai. Proceeds from the offering are being used to fund the construction of a three-tower complex that will house commodities market participants.

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