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Warba Bank announced the closing of the Dar Al-Arkan Real Estate Development Company’s USD 600 million sukuk offering, which found both regional and global success. The issuance was launched in cooperation with Abu Dhabi Commercial Bank, Al Khair Capital (Dubai), Al Rayan Investments, Commercial Bank of Dubai, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, Mashreq Bank, Sharjah Islamic Bank and Standard Chartered Bank. The issuance, which opened its books on Tuesday, July 18, 2023 and closed on the same day, received great interest from regional and international market participants, as the order book reached USD 1.64 billion and 2.7x the issuance size.
The Bank said in a press statement that this issuance is the ninth tranche of Dar Al-Arkan Real Estate Development Company’s sukuk program denominated in US dollars, with a value of USD 2.5 billion. The sukuk will be listed in the London Stock Exchange and Nasdaq Dubai.
In this context, Thuwaini Khaled Al-Thuwaini, Chief Investment Banking Officer at Warba Bank, said, "With the confidence of the market in hand, we succeeded in closing the sukuk issuance amid excellent market participation and reaction, which is a testament to Warba Bank’s strategic foresight and collaboration. It’s a victory that reflects not only the strength of the offering but also the pulse of the market’s confidence and enthusiasm.
Al-Thuwaini pointed out the importance of Islamic financing tools and their role in strengthening global financial markets, which is evidenced by the level of demand and interest of global investors in recent sukuk issued by regional corporates and banking institutions. He underscored Warba Bank’s path to remain a significant player in the debt capital market for years to come by continuing to focus on growth and expansion as Warba Bank aims to extend its reach and services to both institutional and individual investors through its commitment to ethical banking and innovative strategies .
Warba Bank’s leadership and success in the debt capital market stand as a testament to its innovative approach, strong ethical foundation, and unwavering commitment to excellence. As the world’s financial landscape continues to evolve, Warba Bank’s role as a leader in Islamic finance and debt instruments sets it apart as a trusted and forward-thinking institution. Its success in the competitive market reaffirms the bank’s status as a prominent figure in the regional banking arena.Warba Bank is one of the banks that achieved great successes during a short period, as it occupied a leading position in the field of Islamic digital banking services for individuals, and it is one of the largest local banks in the number of its shareholders, and these are among the most important elements that make the Bank close to all members of society. In addition, Warba Bank is among the 50 largest banks in the Middle East in terms of market value for the year 2023 - Forbes Middle East classification.
