Dentons with Arada Developments on its USD100 million sukuk tap issuance
Arada Developments (“Arada”), the property developer in the Northern Emirates of the United Arab Emirates, has successfully closed a $100 million tap of its existing $350 million Sukuk, which was issued in June and listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors outside the US in reliance on Regulation S under the US Securities Act 1933.
The transaction was successfully completed on 27 October 2022 with Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Kamco Invest, Mashreqbank (acting through its Islamic Banking Division), Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank as joint lead managers of the issuance.
Dentons has advised Arada Developments in the issuance. The team was led by Dubai office managing partner Alex Roussos (pictured), with assistance from senior associates James Osun–Sanmi and Sana Siddiqui, and trainee Hamad Yasin.