Arada successfully closes $50mn second tap of sukuk ...United Arab Emirates

Sharjah-based developer Arada has successfully closed a $50mn second tap of its existing $450mn sukuk, which was issued last June and listed on the London Stock Exchange. The five-year tap is the UAE developer’s third approach to the capital markets in the last nine months and the investor re-offer yield was posted at 8.488%. Mashreq acted as sole manager and bookrunner for the second tap. Group CEO Ahmed Alkhoshaibi said, “We’re extremely happy to have achieved a size of $500mn on our inaugural sukuk via the last two tap transactions. This achievement is testament to the fact that investors have been tracking our story since May last year, and have begun to appreciate and acknowledge our in

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