Dentons with Arada on US$400 million sukuk due 2029
Dentons advised Arada Developments, a property developer in the Northern Emirates of the United Arab Emirates, on its drawdown issuance of US$400 million sukuk due 2029. The transaction was completed on 24 June 2024.
The issuance drew a subscription order book of US$1.45 billion and was more than three and a half times oversubscribed. Dentons also advised on the related 4 June 2024 establishment of Arada’s US$1 billion Trust Certificate Issuance Programme. A number of international and local banks acted as joint lead managers and bookrunners in respect of the issuance.
About the issuance
The issuance was rated B1 by Moody’s and BB- by Fitch. It was listed on the London Stock Exchange’s International Securities Market and on Nasdaq Dubai, and was offered to investors outside the US in reliance on Regulation S under the US Securities Act 1933.
Dentons’ team
Managing partner of Dentons’ Dubai office Alex Roussos (pictured) led Dentons’ team, with assistance from senior legal consultant Katie Phillips and senior associate James Osun-Sanmi.
