Page 22 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

Sobha Realty Complete USD 230 Mn Sukuk Tap, taking total Sukuk Holdings to USD
500 Mn

Dubai, September 12, 2024 – Sobha Realty, a leading global luxury real estate developer,
announces the successful execution of a strategic tap into its existing sukuk on Tuesday, September
10, 2024. This latest tap is an extension of the Developer’s inaugural sukuk issuance of USD 300
million, which took place in July 2023 and currently has an outstanding balance of USD 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
USD 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 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