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Sorouh announced Dhs4bn securitization Sukuk
- July 14, 2008, 7:03 pm
Sorouh Real Estate PJSC, one of Abu Dhabi’s leading master-planners and real estate developers, today announced that it will be marketing Dhs4bn Shari’a compliant securitization Sukuk, over the next few weeks.
The Sukuk is the first to securitize future contracted receivables from sub-developers, for its flag ship projects SHAMS Abu Dhabi and Saraya. The transaction includes 3 Classes of Sukuk Certificates rated by both Moody’s and S&P.
The proceeds from the Sukuk will be used by Sorouh to finance infrastructure on SHAMS Abu Dhabi as well as other Sorouh projects including Saraya.
The Mandated Lead Arrangers on the transaction are Citi, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank. Citi is the Global Coordinator for the transaction.
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