Arada Developments, the largest developer in Sharjah, will start investor meetings for a US dollar-denominated sukuk, which will be its first new issue since its debut two years ago, fixed income news service IFR reported on Thursday.

According to the IFR report, Arada has mandated Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital and Standard Chartered Bank as Joint Global Coordinators, together with Arab Bank, Al Rajhi Capital, Kamco Invest, Mashreq, RAK Bank, Sharjah Islamic Bank and Warba Bank, the Joint Lead Managers and Bookrunners, to arrange a global investor call as well as a series of fixed income investor calls, and meetings starting Thursday 6 June.

The real estate developer flagged the mandate for a five-year senior unsecured Reg S sukuk, due to be rated B1/-/BB–, on Thursday morning, IFR reported.

(Writing by Seban Scaria; editing by Brinda Darasha)