LONDON: Arada Developments, rated B1/B+ (both stable) by Moody’s/Fitch, has mandated Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq, Sharjah Islamic Bank and Standard Chartered Bank as joint global coordinators, and, together with Warba Bank the joint lead managers and bookrunners, to arrange a global investor call and a series of fixed income investor meetings and calls commencing today, Monday September 23 2024. A US dollar Reg S tap of the US$400m Trust Certificates due 24 June 2029, with expected rating of B1/BB– by Moody’s/Fitch, under ARADA Sukuk 2 Limited’s (the “Trustee”) US$1bn Trust Certificate Issuance Programme will follow, subject to market conditions. ICMA/FCA stabilisation applies.

ARADA, Sharjah’s largest property developer, is jointly owned by Basma Group, which is owned by HH Sheikh Sultan Ahmed Sultan AlQasimi, the Deputy Ruler of the Emirate of Sharjah; and Corp KBW Investments, which is owned by HRH Prince Khaled bin Alwaleed bin Talal Al Saud, a member of the royal family of the Kingdom of Saudi Arabia.

ARADA was established in 2017, to serve the high demand for fully integrated communities in Sharjah, helping to diversify the economy and bring in substantial Foreign Direct Investment to the Emirate of Sharjah (Ba1/BBB– by Moody’s/S&P).

Source: IFR