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Arada recognises key financing partners following closure of debut sukuk

News: July 4, 2022

Arada has recognised its partners in the banking community for their assistance in the successful closure of the company’s debut sukuk at a recent ceremony held at the Aljada megaproject in Sharjah. 

The ceremony, which included a presentation from Arada Group CEO Ahmed Alkhoshaibi, honoured a number of individuals that supported the closure of the sukuk. 

These included Sarmad Mirza and Amit Ramchandani from Standard Chartered Bank; Sadiq Muhammad and Aftab Qaiser from Dubai Islamic Bank; Hitesh Vithal Asarpota and Ritesh Agarwal from Emirates NBD; Ali Wahab, Saeed Al Amiri and Anver Jalaldeen from Sharjah Islamic Bank; and Aditya Kotibhaskar and Charan Kumar from Mashreq. 

Also recognised were Roderick Gordon from ADCB; Mohammed Faiz and Mohammed Ashfaq Shafee from Ajman Bank; Yousuf Chorghay and Tarek Alazem from Warba Bank; Yazeed Almutawa from Al Rajhi Capital; and Bader Al Ghanim and Omar Zaineddine from Kamco Invest.    

From the legal community, Stuart Ure and Alekhya Prakash from Clifford Chance and Anzal Mohammad and Nazuma Hassan from Allen & Overy were also thanked for the role they played in the sukuk closure. 

The $350 million sukuk, which was listed on the London Stock Exchange, was closed at the beginning of June. The closure of the deal meant that Arada became Sharjah’s first corporate issuer for five years, and the first real estate issuer from the MENA region in 2022. 

The successful issuance took place shortly after Moody’s and Fitch assigned Arada first-time credit ratings, of B1 and B+ respectively, both with a stable outlook.