UAE-based Arada Developments is marketing a five-year fixed-rate Regulation S US dollar benchmark sukuk issuance alongside a tender offer. The sukuk will be issued under Arada Sukuk 2 Limited's $1.5 billion Trust Certificate Issuance Programme. The company has also invited holders of its outstanding 2027 trust certificates to tender their notes for cash.
Khaldoon Al Mubarak has come under the spotlight as the Manchester City financial breaches controversy impacts UK-UAE relations. Al Mubarak serves as the UAE's presidential special envoy to China, managing director and group CEO of Mubadala, and chairman of City Football Group. Reports indicate that major Emirati investments in the UK could be jeopardised by the ongoing Premier League dispute.
Global commodity trader Trafigura has closed US$4.4 billion in syndicated credit facilities, upsized from an initial US$3.5 billion equivalent. The facility includes a US$1.6 billion-equivalent offshore renminbi tranche and was backed by 40 lenders across Asia and the Middle East, including UAE banks ADCB and FAB alongside leading Chinese institutions.
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