Sobha Realty Expands Sukuk Holdings to $500 Million Amid Strong Investor Demand
Sobha Realty has mandated a consortium of banks to arrange a new three-year, dollar-denominated Reg S benchmark sukuk, marking another significant move in the UAE's Islamic finance landscape. The issuance will be conducted under Sobha Sukuk I Holding Limited's $1.5 billion Trust Certificate Issuance Programme. The appointed joint lead managers and bookrunners include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank.
This development follows Sobha Realty's strategic tap into its existing sukuk, where it successfully raised an additional $230 million in September 2024. This tap extended the company's inaugural $300 million sukuk issued in July 2023, bringing the total sukuk holdings to a benchmark size of $500 million. The sukuk is listed on both the London Stock Exchange and NASDAQ Dubai, reflecting the company's commitment to maintaining a strong presence in international financial markets.
The latest issuance garnered significant interest from investors, leading to a price tightening of 95 basis points. Approximately 25% of the demand originated from global investors, underscoring the confidence in Sobha Realty's financial instruments and the broader appeal of the UAE's sukuk market.
Sobha Realty's robust financial performance has been recognized by leading credit rating agencies. Standard & Poor's upgraded the company's rating from BB-/Positive to BB/Stable, while Moody's enhanced the sukuk rating from Ba3/Stable to Ba2/Stable. These upgrades reflect the company's substantial EBITDA growth, an expanding revenue backlog, and improved EBITDA margins.
In 2024, Sobha Realty achieved record-breaking sales of AED 23 billion, with AED 5 billion attributed to the launch of Sobha Siniya Island in the third quarter. The company experienced approximately 50% year-on-year growth in sales, driven by its diverse portfolio of properties in the UAE. Sobha Realty's flagship community, Sobha Hartland, now houses over 11,000 residents, and the company continues to expand its presence with multiple masterplans across the UAE.
The company's strategic collaborations have also played a pivotal role in its success. Partnerships with global entities, including a multi-year principal partnership with Arsenal Football Club, have enhanced Sobha Realty's brand recognition and global outreach. Additionally, the establishment of Sobha Modular and Façade Factory and Sobha Energy Solutions demonstrates the company's commitment to innovation and sustainability in real estate development.
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