Sobha Realty issues $300 million Sukuk

Dubai: Real estate developer Sobha Realty saw the successful issuance of its debut $300 million 5NC3 Sukuk, it said on Thursday.

The pricing of the issuance, which includes a call feature, the first of its kind for a GCC sub-investment grade benchmark-sized Sukuk, marks a significant achievement for Sobha Realty and the entire industry at large.

Additionally, the Sukuk drove exceptional investor diversification, achieving a high share of international investors.

Ravi Menon, Co-Chairman of Sobha Realty, said: “We are thrilled to have accomplished this remarkable milestone with the successful issuance of our inaugural $300 million Sukuk. This achievement showcases our commitment to innovation and our ability to attract diverse investors from around the world. We are proud of the trust placed in us by the global investment community.”