Page 155 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/13/24, 1:24 PM Sobha Realty complete US $230mn Sukuk Tap
Sobha Realty’s sukuk led to price tightening of 95 basis points, highlighting strong demand from both
regional and international investors. 25% of the interest came from global sources, reflecting strong
confidence in Sobha Realty’s financial instruments.

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. Their commitment is
instrumental to its success.

The company also acknowledged Clifford Chance and Dentons for their exceptional legal counsel,

which provided critical guidance throughout the transaction. Additionally, Grant Thornton’s role as
auditors was ensuring the integrity and transparency of the process.

This announcement follows recent upgrades from credit rating agencies. Standard & Poor has

upgraded the developer’s rating from BB-/Positive to BB/Stable, while Moody’s has upgraded its sukuk
rating from Ba3/stable to Ba2/stable. These upgrades reflect strong financial results, including
substantial EBITDA growth, a larger revenue backlog, and improved EBITDA margins, the developer

outlined in its statement.

Sobha Realty said it is confident this strategic move will further fortify its financial position and
reinforce trust with its stakeholders.

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