Date: July 2023
Issuer: Sobha Sukuk Limited
Obligor: PNC Investments (parent of Sobha Realty)
Size: $300 million
Tenor: Five years (callable July 2026)
Banks: Dubai Islamic Bank, Emirates NBD, Mashreq, Standard Chartered, Sharjah Islamic Bank (joint lead managers and bookrunners)
Amid many debt capital market deals last year from UAE real-estate developers, there is one debut sukuk that stood out: the $300 million five-year from Sobha Sukuk Limited.
The transaction, which represents the first time Dubai-based real-estate developer Sobha Realty has raised financing on the international capital markets in any format, was distinctive for several additional reasons, making it Euromoney’s best Islamic real estate deal.
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