18 Sep, 2024Nasdaq Dubai Lists USD 230 Million Sukuk Tap by Sobha Realty

Nasdaq Dubai, the region’s premier international financial exchange, today announced the admission of a USD 230 million Sukuk Tap issued by Sobha Realty, one of the region’s largest real estate developers.  

The tap is part of Sobha’s existing USD 300 million Sukuk successful issuance last year, of which USD 270 million is currently outstanding. Through the latest issuance, Sobha Realty’s total value of Sukuks listed on Nasdaq Dubai reaches to USD 500 million. 

The Trust Certificates, maturing in 2028, reaffirms Sobha’s commitment to diversifying its financial base and build trust with their stakeholders. The Sukuk, initially issued in July 2023, received significant investor interest, reflecting the growing confidence in Sobha’s robust financial performance and growth trajectory.   

This listing follows Sobha’s recent credit rating upgrades from leading agencies, with S&P raising its rating to BB/Stable, and Moody’s upgrading its Sukuk rating to BA2/Stable. These upgrades have further enhanced Sobha’s appeal with regional and international investors. 

With this addition, the total value of Sukuks on the exchange amounts to USD 92 billion, further solidifying Nasdaq Dubai’s position as one of the world’s largest centres for Sukuk listings.