Page 169 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/13/24, 1:25 PM PRESSR: Sobha Realty complete $230mln sukuk tap, taking total sukuk holdings to $500mln — TradingView News
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.

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