01 Oct, 2024Nasdaq Dubai Lists USD 150 Million Sukuk Tap by Arada

Nasdaq Dubai, the region’s premier international financial exchange, today announced the admission of a USD 150 million Sukuk Tap issued by Arada Developments LLC (“Arada”), one of the region’s fastest-growing and most progressive real estate developers.

This tap issuance forms a part of Arada’s existing USD 400 million Trust Certificates due in 2029, bringing the total value of the issuance to USD 550 million. The Sukuk is part of Arada’s broader USD 1 billion Sukuk programme, aimed at supporting the company’s ambitious growth and development plans.

The Sukuk tap was priced at USD 102.54, with a yield of 7.35%, narrowing by 15 basis points from the initial pricing guidance, reflecting strong investor demand. It has been rated BB- by Fitch and B1 by Moody’s, underscoring Arada’s robust credit profile and sound corporate governance. With this latest issuance, Arada’s total value of Sukuk currently outstanding on Nasdaq Dubai as part of a USD1 billion programme and standalone adds up to USD 1.05 billion.

This listing brings the total value of Sukuks listed on Nasdaq Dubai to USD 92 billion, reinforcing its standing as one of the largest Sukuk listing venues globally, and highlighting its ongoing commitment to fostering Islamic finance.