Page 167 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/13/24, 1:25 PM Sobha Realty Complete USD 230 Mn Sukuk Tap, taking total Sukuk Holdings to USD 500 Mn - Middle East News 247

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.

Last Updated on 20 hours by News Desk 1

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