UAE Real Estate Developer Issues $400M Sukuk, Lists on NASDAQ Dubai
What happened
Arada Developments successfully issued a $400 million senior unsecured sukuk, which was listed on the London Stock Exchange and NASDAQ Dubai. The five-year fixed-rate Reg S Sukuk was rated BB- by Fitch and B1 by Moody’s, and was priced at a coupon of 8.875%. The offering attracted strong investor demand, with the final order book exceeding $700 million, excluding interest from the Joint Lead Managers.
From gdnonline.com
Why it matters
The issuance marks the first debt market offering by a UAE real estate developer since February 2026. The transaction highlights Arada’s continued access to international debt capital markets despite geopolitical uncertainty. Proceeds from the sukuk are planned to fund a capped tender offer and manage existing debt ahead of a maturity in June 2027.
From gdnonline.com
Who's involved
- NASDAQ DubaiThe exchange where the sukuk was listed.
- First Abu Dhabi BankParticipated in the sukuk issuance as a lead manager.
- Goldman Sachs InternationalParticipated in the sukuk issuance as a Joint Lead Manager.
- MashreqParticipated in the sukuk issuance as a Joint Global Co-ordinator.
- Arab BankParticipated in the sukuk issuance as a Joint Lead Manager.
- Abu Dhabi Commercial BankParticipated in the sukuk issuance as a Joint Global Co-ordinator.
- Abu Dhabi Islamic BankParticipated in the sukuk issuance as a Joint Global Co-ordinator.
- Dubai Islamic BankParticipated in the sukuk issuance as a Joint Global Co-ordinator.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Goldman Sachs InternationalSpeculative
Goldman Sachs International could see increased revenue from advisory and underwriting fees due to its participation in the issuance.
- MashreqSpeculative
Mashreq could see increased revenue from its role as a Joint Global Co-ordinator in the debt issuance.
- Arab BankSpeculative
Arab Bank could see increased revenue from its role as a Joint Lead Manager in the debt issuance.
- Abu Dhabi Commercial BankSpeculative
Abu Dhabi Commercial Bank could see increased revenue from its role as a Joint Global Co-ordinator in the sukuk issuance.
- Abu Dhabi Islamic BankSpeculative
Abu Dhabi Islamic Bank could see increased revenue from its role as a Joint Global Co-ordinator in the sukuk issuance.
- Dubai Islamic BankSpeculative
Dubai Islamic Bank could see increased revenue from its role as a Joint Global Co-ordinator in the sukuk issuance.
Keep exploring
The entities involved
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NASDAQ Dubai
On Tuesday 18th November, 2008, the Dubai International Financial Market was rebranded as nasdaq dubai.
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First Abu Dhabi Bank
bank in the United Arab Emirates