Business | Property

Sorouh Real Estate launches Sharia Compliant Securitisation

Sorouh Real Estate, one of Abu Dhabi's leading master-planners and real estate developers, today announced that it will be marketing a Dh4 billion Sharia compliant securitisation Sukuk, over the next few weeks.

  • Staff Report
  • Published: 16:17 July 14, 2008
  • Gulf News

Abu Dhabi: Sorouh Real Estate, one of Abu Dhabi's leading master-planners and real estate developers, today announced that it will be marketing a Dh4 billion Sharia compliant securitisation Sukuk, over the next few weeks.

The Sukuk is the first to securitise future contracted receivables from sub-developers, for its flag ship projects Shams Abu Dhabi and Saraya. The transaction includes three classes of Sukuk Certificates rated by both Moody's and S&P.

The proceeds from the Sukuk will be used by Sorouh to finance infrastructure on Shams Abu Dhabi, as well as other Sorouh projects including Saraya.

The Mandated Lead Arrangers on the transaction are Citi, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank. Citi is the Global Coordinator for the transaction.

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