Latest news with #SheikhSultan
Zawya
10 hours ago
- Business
- Zawya
Sharjah developer Arada tightens price on $450mln sukuk offering
Arada Developments, rated B1 by Moody's and B+ by Fitch, has launched its $450 million sukuk with a coupon of 7.150%, tightening from the initial price guidance of 7.625%-7.750% for a spread of 317.3 basis points over US Treasuries. Proceeds of the five-year fixed rate Reg S Sukuk issuance will be used for a tender offer of up to $100 million on Arada's existing sukuk maturing 2027, with the balance deployed for general corporate purposes. Demand came from both regional and international investors with a subscription order book peaking above $2 billion (excluding Joint Lead Managers), equivalent to over four times the offer size. The sukuk has been listed on the London Stock Exchange and the Nasdaq Dubai and will fall under Arada Sukuk 2 Limited's $1 billion Trust Certificate Issuance Programme. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank have been tapped as joint global coordinators, while Arab Bank, Arqaam Capital, Bank ABC, RAKBANK, Sharjah Islamic Bank and Warba Bank, were appointed joint lead managers and bookrunners on the issuance. Arada last raised debt in September 2024, issuing a $150 million tap on its $400 million sukuk maturing in June 2029. The company has one other outstanding bond, a $500 million 8.125% sukuk due in June 2027. Arada, which is Sharjah's largest property developer, is jointly owned by Sheikh Sultan bin Ahmed Al Qasimi, the Deputy Ruler of the Sharjah and Prince Khalid Bin Alwaleed Bin Talal Alsaud, a member of the royal family of the Saudi Arabia. The issuance by Arada is the latest in a growing number of property developers tapping debt markets to capitalise on a construction boom in the GCC. In recent months, several developers including Omniyat, Damac, and the Abu-Dhabi based Aldar Investment Properties have tapped debt markets with sukuk issuances. (Writing by Bindu Rai, editing by Brinda Darasha)
Gulf Today
4 days ago
- Science
- Gulf Today
Sharjah Ruler Sheikh Sultan receives Exeter Medal, unveils Al Qasimi Building
His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Thursday, was awarded the Honorary President's Medal by the University of Exeter-the first time the award has been presented in the university's history. The ceremony took place in the presence of Sheikh Sultan Bin Ahmed Bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah, and Sheikha Bodour Bint Sultan Al Qasimi, President of the American University of Sharjah. This took place during the Ruler of Sharjah's visit to the University of Exeter, where he received the medal from Sir Michael Barber, Honorary President of the University. As part of the visit, the Al Qasimi Building project-an initiative launched by His Highness-was officially unveiled. Additionally, a dedicated corner showcasing His Highness's publications was inaugurated at the library of the Institute of Arab and Islamic Studies.The visit also witnessed the signing of a cooperation agreement between the Sharjah Council for Higher Education and Scientific Research and the University of Exeter, further strengthening academic collaboration between the two institutions. His Highness the Ruler of Sharjah received the Honourary President's Medal from the University of Exeter in recognition of his outstanding contributions to education and scientific research, as well as his longstanding and distinguished relationship with the university. Widely regarded as a pioneer in cultural, scientific, social, and economic development, His Highness has played a pivotal role in fostering cultural exchange and dialogue between nations and civilisations on local, regional, and international levels. During his address at the honouring ceremony held at Reed Hall, University of Exeter, Dr Sheikh Sultan said, "It brings me great joy to return today to the University of Exeter — this distinguished institution that welcomed me as a student over forty years ago and has remained a lasting part of my academic journey and cherished memories ever since.' Dr Sheikh Sultan expressed his sincere appreciation for the longstanding and fruitful collaboration with the University of Exeter, stating: "I stand before you with deep gratitude for the meaningful journey we have shared — one built on knowledge, partnership, and common aspirations. I take particular pride in the enduring cooperation between the University of Exeter and the Emirate of Sharjah over the past four decades. This partnership has not only endured but also flourished into a model of academic excellence. At the heart of this success is the Institute of Arab and Islamic Studies, a distinguished center that hosts the Arab World Archives Unit and the Emirati Collection — both vital resources for preserving and exploring our cultural heritage.' Dr Sheikh Sultan went on to highlight the academic collaborations between the University of Exeter and institutions in Sharjah, noting: "Through the years, our collaboration has given rise to numerous academic partnerships across universities in Sharjah. At University of Khorfakkan, the joint Marine Sciences programme with Exeter plays a key role in advancing the study of coastal and marine ecosystems. At University of Al Dhaid, cooperation in geology and environmental sciences is helping to build a strong academic foundation in Earth sciences. Additionally, the Sharjah Education Academy has launched pioneering programmes in special educational needs, drawing on Exeter's long-established expertise and commitment to inclusive education.' His Highness noted that these initiatives embody a shared vision centered on investing in people and knowledge - a vision that continues to grow. A clear example of this is the Al Qasimi Building project at the University's Institute of Arab and Islamic Studies, unveiled today, which stands as a testament to the joint commitment to creating inspiring academic spaces for future generations His Highness concluded his speech by expressing heartfelt thanks and appreciation to the leadership, faculty, and partners of the University of Exeter for this special honour and for their ongoing commitment to education, research, and international cooperation. He encouraged the continued building of bridges rooted in understanding, discovery, and shared progress. In her speech during the ceremony, Dr Lisa Roberts, Chancellor of the University of Exeter, commended the vision, leadership, and unwavering support of His Highness the Ruler of Sharjah for education. She highlighted the profound influence of His Highness on the development of educational institutions, the valuable partnerships he has fostered with the university, and the inspiration he continues to provide to scholars and students alike. In her speech, Dr Roberts highlighted the transformative power of education in advancing societies across all sectors. She stressed the importance of developing academic curricula based on the highest standards and most advanced scientific approaches, alongside a strong emphasis on research, international collaboration, and global engagement. She noted that this vision is clearly reflected in the model championed by His Highness the Ruler of Sharjah across universities and higher education institutions in the Emirate-serving as a practical and inspiring example of educational excellence. The Chancellor of the University of Exeter reflected on the long-standing relationship between His Highness the Ruler of Sharjah and the university, which dates back to the 1980s. She highlighted how this enduring connection has led to the creation of exceptional academic programmes and joint projects, fostering extensive collaboration with universities across the Emirate of Sharjah-many of which were established and supported under His Highness' leadership. She expressed the university's pride in these successful and ambitious partnerships and affirmed its commitment to further strengthening and expanding them in the years to come.Martha Holden, a graduate of the Institute of Arab and Islamic Studies, delivered a speech on behalf of the institute's students and alumni, expressing heartfelt gratitude to His Highness the Ruler of Sharjah. She said, "I sincerely thank Your Highness for your generous support, which has profoundly shaped my educational journey. Without it, I would not have had the chance to travel, explore diverse cultures, deepen my understanding of religion, or appreciate the intricacies of regional dialects. These experiences have expanded my horizons and enriched my study of the Arabic language in meaningful ways.' WAM
Gulf Today
5 days ago
- Health
- Gulf Today
Sharjah Ruler directs to continue treatment of citizen
His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, directed the Sharjah Health Authority to continue the treatment of the father of "Umm Mohammed," a follower of the "Direct Line" programme broadcast by the Sharjah Broadcasting Authority, at Burjeel Hospital in Abu Dhabi, with Sheikh Sultan's office covering the treatment costs, regardless of insurance coverage. Dr Abdul Aziz Al Muhairi, Chairman of the Sharjah Health Authority, stated during the programme hosted by Mohammed Al Raeesi that Sheikh Sultan listened to the message sent by "Umm Mohammed," in which she appealed for her father's continued treatment at the hospital, where he has been for a year and five months. She noted that the insurance company had stopped covering the treatment expenses. D. Al Muhairi added Sheikh Sultan directed the authority to take the necessary steps to ensure the father's continued treatment at Burjeel Hospital or transfer him to the University Hospital in Sharjah if the family prefers. Accordingly, Burjeel Hospital was notified that the office of His Highness the Ruler of Sharjah will cover the treatment costs for the case.
Zawya
18-07-2025
- Business
- Zawya
UAE developer Arada seeks $500mln Islamic bond as construction booms
United Arab Emirates property firm Arada Developments is seeking up to $500 million from an Islamic bond, or sukuk, two sources familiar with the matter said, as it joins other property firms tapping debt markets amid a construction boom in the Gulf state. Sharjah-based Arada would join a slew of Gulf property firms to issue bonds this year, which have tapped debt markets for financing needs and to capitalise on a real estate boom as Gulf countries accelerate economic diversification strategies. Arada plans to launch the bond next week and use funds from the debt sale to acquire new land, the sources said, declining to be named because they were not authorised to speak publicly. The plan was not yet finalised, they said. A spokesperson for Arada did not respond to a Reuters request for comment. Arada last tapped debt markets in September for a $150 million tap of its $400 million sukuk due 2029 which attracted strong demand and offered a yield of more than 7%. In the Middle East and North Africa, issuers raised a record $32.2 billion through sukuk in the six months to June 30, according to LSEG data, defying tariff uncertainty, geopolitical tensions and volatile oil prices. Regional developers which have raised Islamic debt this year include Dubai's Sobha Realty and Omniyat, both raising $500 million in May. Arada was established in 2017 by Sharjah's deputy ruler, Sheikh Sultan bin Ahmed AlQasimi and Prince Khaled bin Alwaleed bin Talal AlSaud, the son of Saudi billionaire Prince Alwaleed Bin Talal. It has projects and assets in its home country, and expects to launch sales and construction in Australia by the end of 2025. The company posted total revenue of $1.1 billion last year, up around 40% from 2023, according to a company presentation. (Reporting by Hadeel Al Sayegh and Federico Maccioni; Editing by Anousha Sakoui and Rachna Uppal)
Gulf Today
17-07-2025
- General
- Gulf Today
Sharjah Ruler announces tree-lined mountain road with homes, waterways in Khorfakkan
His Highness Dr. Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, announced a miracle road above the peaks of mountains in Khorfakkan. 'We will build a road above the peaks and foothills of mountains, reaching Khorfakkan. The road will be a wonder like no other, and driving on it will be a true pleasure. Surrounded by trees, plants, waterways and beautiful homes, the road will ascend from the Ghazir Tunnel to reach the highest mountain peak in Khorfakkan, at an altitude of 1,100 metres above sea level,' Sheikh Sultan said in exclusive statements to the Direct Line programme. Earlier this year, Sheikh Sultan inaugurated the old Zubarah neighbourhood and Shees heritage project in Khorfakkan, which were restored to preserve the architectural and cultural heritage of the two areas by selecting buildings of historical and social value. Sheikh Sultan inspected the old Zubarah neighbourhood, which incorporated the grand mosque, guesthouse and governor's house in addition to four houses containing storerooms, halls and crane rooms with sloping roofs built to cope with heavy rainfall. He also visited a number of houses used as centres for artisans, which represent the marine and agricultural environments, and the cultural heritage house, restoration house and honey house. During his tour, Sheikh Sultan listened to an explanation of the activities organized in the neighborhood's facilities, which revive traditional professions and crafts, such as weaving, embroidery, spinning, sewing, incense and perfume making, bridal preparation, grain grinding and yogurt making in addition to cultural activities such as drawing, reading and various workshops. He was also briefed on the restoration work, the first phase of which began in 2023 and included the rehabilitation of all buildings
