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SHARJAH / WAM
Bank of Sharjah has acted as Joint Lead Manager and Bookrunner in the successful issuance of a US$500 million, three-year Green Sukuk for Omniyat Holdings, alongside other international and regional banks.
The issuance attracted exceptional investor demand, with the order book oversubscribed 3.6 times. This strong interest from both international and regional investors reflects the global confidence in Omniyat’s credit profile, the strategic appeal of the UAE’s real estate sector, and the country’s resilient economic outlook.
Initially marketed as a benchmark size deal with price guidance in the high 8.00 percent area, the strength of the order book enabled the issuer to tighten pricing and set the final yield at 8.375 percent. On the back of this momentum, the issuance was upsized to $500 million, from the initially announced $400 million.
Notably, 25 percent of the deal was allocated to investors from the UK, Europe, and the US offshore markets, highlighting robust international participation.
Mohamed Khadiri, CEO of Bank of Sharjah, commented, “This Sukuk issuance marks a strategic milestone as its first foray into the Debt Capital Markets. Completing this landmark transaction amid volatile market conditions is a testament to Omniyat’s solid business fundamentals and the market’s confidence in its long-term vision.”
Khadiri continued, “We are very pleased to count Omniyat among our valued corporate clients. This transaction is the beginning of a longstanding and mutually beneficial partnership. Our participation also reaffirms Bank of Sharjah’s ongoing commitment to advancing sustainable finance initiatives in alignment with our Environmental, Social and Governance (ESG) framework and principles.”
Damian White, Chief Treasury Officer at Bank of Sharjah, stated that this green Sukuk issuance represents a significant step in broadening the services and value the Bank delivers to customers.
The successful completion of this high-profile transaction reinforces Bank of Sharjah’s role as a trusted advisor and lead arranger in the region’s evolving capital markets, while also stipulating the increasing importance of sustainable finance in the GCC and beyond.