Sorouh to raise $1.1bn in securitisation
Dubai, July 14, 2008
Abu Dhabi property developer Sorouh said it planned to raise 4 billion dirhams ($1.09 billion) through an Islamic securitisation to finance infrastructure projects in the UAE capital.
The Islamic facility "is the first to securitise future contracted receivables from sub-developers", including the Shams Abu Dhabi and Saraya developments, Sorouh said in a statement on the Abu Dhabi bourse website.
Lead arrangers of the securitisation are Citigroup, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank.- Reuters