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Warba Bank announced the closing of Arada Developments LLC’s USD 400 million sukuk offering, which found both regional and global success. Warba Bank was appointed as Joint Lead manager and Book Runner alongside Abu Dhabi Commercial Bank, Arab Bank, Dubai Islamic Bank, Emirates NBD Capital, Kamco Investment Company, Mashreq, RAK Bank, Sharjah Islamic Bank and Standard Chartered. The issuance, which opened its books on Tuesday, June 11th 2024, and closed on the same day, received great interest from regional and international market participants, as the order book reached USD 1.4 billion and 3.5x the issuance size.
The Bank said in a press statement that this issuance is the second under the Arada Sukuk Programme denominated in US dollars, valued at USD 1 billion. The sukuk will be listed in the International Securities Market (ISM) 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 is 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 markets 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.
