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Shuaa Capital to arrange $135m sukuk issue for First Group

Shuaa Capital to arrange $135m sukuk issue for First Group
The First Group appointed Shuaa Capital to arrange the anticipated transaction
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UAE – Mubasher: The First Group, a leading real estate developer and investor based in Dubai, is planning to issue $135 million in sukuk, a company spokeswoman told Reuters.

The group has appointed Shuaa Capital to arrange the anticipated transaction, she said, without revealing any details on the planned use of proceeds.

This sukuk issuance will be one of few debt issues in the GCC region after business slowed during the holy month of Ramadan.

On Wednesday, sources said that the UAE-based Sharjah Islamic Bank is projected to issue dollar sukuk by the end of June to boost its Tier 1 core capital.

The spokeswoman further noted that the First Group has completed 11 projects in the UAE to date and has seven under-construction hospitality developments.