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Arada trims its 2027 sukuk tab by USD 169 mn
Sharjah developer Arada accepted USD 169.2 mn in tenders to buy back part of its outstanding sukuk due 2027, according to a company statement. The amount represents around 41% of the USD 411.7 mn outstanding when the offer launched. Settlement is expected on 2 November, leaving USD 242.5 mn in certificates outstanding. Arada doesn't currently plan to redeem the remaining certificates early, although it retains that option.
ADVISORS- Our friends at Mashreq acted as dealer managers, alongside Emirates NBD and Standard Chartered. Sodali & Co served as tender and information agent.
REMEMBER- The buyback follows Arada’s USD 400 mn sukuk issuance last week, the first public debt sale by a UAE developer since the regional conflict began. The five-year issuance priced at a 9% yield, with at least USD 200 mn earmarked for fresh funding and the balance available to refinance existing debt. The buyback will reduce Arada’s 2027 repayment obligations while leaving part of the original sukuk in circulation.
DP World opens Bologna facility
DP World opened a 22k sqm temperature-controlled hub near the northern Italian city of Bologna, with Italian organic food firm Alce Nero as its anchor customer. The Castel San Pietro Terme site has around 30k pallet positions and offers warehousing, transport, and e-commerce fulfillment, according to a press release. DP World runs warehousing and distribution for Alce Nero, and the hub has space for other food, beverage, and consumer goods businesses. It adds to DP World’s existing presence in Italy.
Doing one’s own thing
Mubadala Capital’s head of ventures Ibrahim Ajami will leave next year to launch his own venture fund, Noha, the Financial Times reports, citing people familiar with the matter. Ajami has backed tech companies including SpaceX, Waymo, and Stripe. Noha aims to raise about USD 500 mn and will invest in younger US startups, putting about 90% of its money in the US and the rest elsewhere, including the UAE. Mubadala Capital would provide a few hundred mn USD in seed money. Talks are ongoing and no final decisions have been made, the sources said.
