Page 159 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/13/24, 1:24 PM Sobha Realty complete $230mln sukuk tap, taking total sukuk holdings to $500mln
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% of the
interest comes 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 expertise and

commitment have been instrumental to its success.

The company also acknowledges Clifford Chance and Dentons for their exceptional legal counsel, which
provided critical guidance throughout the transaction. Additionally, Grant Thornton’s role as auditors was
pivotal in ensuring the integrity and transparency of the process.

This announcement follows recent upgrades from leading credit rating agencies. Standard & Poor’s has
upgraded our rating from BB-/Positive to BB/Stable, while Moody’s has upgraded our sukuk rating from

Ba3/stable to Ba2/stable. These upgrades reflect our strong financial results, including substantial
EBITDA growth, a larger revenue backlog, and improved EBITDA margins.

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

About Sobha Realty

Sobha Realty is an international luxury developer committed to redefining the art of living through
sustainable communities. Established in 1976 as an interior decoration firm in Oman by PNC Menon – a
visionary entrepreneur – the company has grown its presence with developments and investments in
the UAE, Oman, and India. For nearly five decades, Sobha Realty has been redefining the real estate

value chain through ‘Backward Integration’ by leveraging its inherent in-house capabilities of
conceptualisation, design, and development. Today, the firm has developed into one of the most
prominent and premium real estate developers in the UAE and aims to become a global real estate
developer with its essence, the ‘Art of the Detail,’ remaining deeply embedded in the organisation’s DNA.

With a proven track record of delivering projects ahead of schedule, the company has eleven
masterplans across the UAE and is continually expanding its presence in the city with a number of other
prominent projects. The flagship community of Sobha Realty (Sobha Hartland) is a thriving community
that is home to over 11,000 residents.

Sobha Siniya Island, Sobha Realty's masterplan and it’s very first-ever luxury island project, features

luxury villas, mansions, and resorts in a serene island setting.

For further information, please contact:
Orient Planet Group (OPG)

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