Page 152 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

Sobha Realty’s sukuk issuance hits $500m

This latest tap is an extension of the developer’s inaugural sukuk issuance of $300 million

by

Issac John

Published: Thu 12 Sep 2024, 6:41 PM

Sobha Realty, a leading luxury real estate developer, has announced the execution of a strategic tap
into its existing sukuk.

This latest tap is an extension of the developer’s inaugural sukuk issuance of $300 million, which
took place in July 2023 and currently has an outstanding balance of $270 million. This sukuk was
listed on both the London Stock Exchange (LSE) and NASDAQ Dubai.

With the completion of this tap, Sobha Realty’s total sukuk issuance now reaches a benchmark size
of $500 million. The tap adheres to the existing sukuk terms, preserving the favorable conditions
and ensuring continued stability for the company’s valued investors, the developer said in a
statement.

“The significant 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 per
cent of the interest comes from global sources, reflecting strong confidence in Sobha Realty’s
financial instruments,” it said.

https://www.khaleejtimes.com/business/markets/sobha-realtys-sukuk-issuance-hits-500m