Dubai—Dentons has advised Arada Developments LLC (Arada), the largest property developer in the Northern Emirates of the United Arab Emirates, on its successful tap issuance of US$100 million sukuk (to be consolidated and form a single series with the existing US$350 million sukuk due 2027 issued by Arada Sukuk Limited on 8 June 2022). The transaction was successfully completed on 27 October 2022 with Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Kamco Invest, Mashreqbank psc (acting through its Islamic Banking Division), Sharjah Islamic Bank PJSC, Standard Chartered Bank and Warba Bank as joint lead managers of the issuance.

Arada was assigned long-term credit ratings of B1 (stable outlook) by Moody's and B+ (stable outlook) by Fitch. The issuance was listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors outside the US in reliance on Regulation S under the US Securities Act 1933.

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior associates James Osun-Sanmi and Sana Siddiqui, and trainee Hamad Yasin.

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