This is Arada’s inaugural listing in the UAE
Arada, a Sharjah-based master developer, has listed $500 million (AED1.8 billion) sukuk at Nasdaq Dubai, the region’s international financial exchange. This is the first listing of Arada in the UAE and is being considered a milestone – one that strengthens Dubai’s position as one of the largest sukuk listing venues in the Middle East with a total value of $77 billion (AED283 billion).
Prior to its successful debut sukuk listing last year at the London Stock Exchange, Moody’s and Fitch assigned the company’s first-time credit ratings of B1 and B+ respectively, both with a stable outlook. Owing to that, it is considered the youngest private company in the UAE to secure credit ratings in 2022. Celebrating the successful listing, Ahmed Alkhoshaibi, Group CEO of Arada, said, “We are pleased to list our debut sukuk on Nasdaq Dubai, which provides a well-regulated platform offering excellent links and significant visibility to our global investor base. The strong demand for our sukuk from financiers around the world is a testament to the market’s confidence in our exceptional growth story, our governance record and our future plans.”
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said, “We are delighted to welcome Arada’s first listing on Nasdaq Dubai. This listing further reinforces the confidence in the regulatory framework of Nasdaq Dubai and our efforts to position Dubai as one of the largest global venues for sukuk listing. In line with our continued commitment to fostering innovation and facilitating the growth of the financial market, Nasdaq Dubai remains dedicated to providing an exemplary platform for companies like Arada to access global investors, contributing to the prosperity of the UAE and the wider region.” To celebrate the successful listing, the duo rang the market opening bell at Nasdaq Dubai.
Since its establishment in 2017, Arada has embarked on projects worth $10.3 billion (AED38 billion) under development in Sharjah and Dubai. The developer has achieved an average annual sales growth of 30 per cent year-on-year, and has completed over 7,000 homes in its communities.