Page 128 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/16/24, 2:20 PM Sobha Realty completes $230mn sukuk tap - Construction Week Online
Interest in Sobha Realty’s sukuk led to a notable price tightening of 95 basis points,
highlighting strong demand from both regional and international investors.
Approximately 25% of the interest comes from global sources.

Sobha Realty appointed Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai
Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank, and Standard Chartered
Bank as Joint Global Coordinators, Joint Lead Managers, and Bookrunners for this
transaction.

Clifford Chance and Dentons provided legal counsel for the process, while Grant
Thornton served as auditor.

The sukuk tap announcement follows recent upgrades from credit rating agencies. S&P
improved Sobha’s rating from BB-/Positive to BB/Stable, while Moody’s revised the
sukuk’s credit rating from Ba3/stable to Ba2/stable.

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