UAE’s Arada Hires Banks to Arrange its Debut Dollar-denominated Sukuk Sale 

United Arab Emirates- (UAE) based Arada Developments (Arada) has hired banks for the arrangement of a debut US dollar-denominated Sukuk sale, as per a document issued on the 24th of May 2022.

Why it Matters?

Due to ongoing market volatility and many issuers turning to loans, the Gulf region has seen a lack of bond sales in 2022. The offer has the potential to be the region’s first dollar bond issuance since the USD 750 million Sukuk offering made by the Sharjah government in late March. The hired entities will conduct investor calls from the 24th to 30th of May 2022 for the offering, and the issuance of a benchmark size five-year Sukuk will follow, depending on market conditions.

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