Page 136 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/16/24, 2:22 PM News | dayofdubai.com

Real Estate

Sep 14, 2024 202 20

Sobha Realty Successfully Completes USD 230

Mn Sukuk Tap, Taking Total Sukuk Holdings To

USD 500 Mn

Sobha Realty, a global leader in luxury real estate development, has successfully completed a USD
230 million sukuk tap on September 10, 2024. This move extends the developer’s initial sukuk
issuance of USD 300 million in July 2023, bringing its total sukuk holdings to USD 500 million. The

sukuk is listed on both the London Stock Exchange (LSE) and NASDAQ Dubai.

This latest transaction, conducted under the same terms as the original sukuk, highlights continued
strong demand from investors, resulting in a price tightening of 95 basis points. Sobha Realty’s sukuk
has attracted approximately 25% of its interest from global investors, showcasing international

confidence in the company’s financial instruments.

Key financial institutions, including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai
Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank, and Standard Chartered Bank, were
appointed as Joint Global Coordinators, Lead Managers, and Bookrunners for the transaction. Legal
counsel was provided by Clifford Chance and Dentons, while Grant Thornton served as the auditing

firm.

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