The UAE’s Emirate of Sharjah Arranges for USD 750 Million Sukuk Tap

The United Arab Emirates’ (UAE) third-largest Emirate of Sharjah is planning the reopening of its USD 750 million Sukuk due on the 23rd of October 2029, by hiring banks to arrange the process. The 2029 Sukuk was originally issued in 2019.

A document issued showed that Sharjah has hired Mashreq Bank as financial advisor, whilst appointing Dubai Islamic Bank, HSBC, Sharjah Islamic Bank and Standard Chartered to arrange investor calls that commenced on the 27th of October 2020. Media reports revealed that the Sukuk tap is expected to follow, subject to suitable market conditions.

Sharjah saw its long-term credit rating downgraded by Standard and Poor’s Global Ratings (S&P Global) last...