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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




Tags: abu dhabi | Sorouh | property developer |

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