Sharjah, UAE – 05 September 2023 – Bank of Sharjah one of the leading commercial banks in the UAE, continues to be committed to developing and expanding its financing efforts locally. Accordingly, the Bank has recently participated in yet another high-profile deal, as a Mandated Lead Arranger in the US$ 500M syndicated facility for the Government of Sharjah, along with a consortium of regional and local banks. This six-year dual-tranche (conventional & Islamic) facility will be used for general corporate purposes.
Commenting on this transaction, Mr. Mohamed Khadiri, CEO of Bank of Sharjah said: “The successful closing of this financing underscores Bank of Sharjah’s unwavering commitment to support the strategic initiatives and funding requirements of the Government of Sharjah and its related entities”. Mr. Khadiri added: “The facility was significantly oversubscribed due strong market demand, which enabled the Govt. of Sharjah to tap USD 500 million instead of the initial amount of USD 400 million. This clearly reflects the Government of Sharjah’s solid fundamentals and confirms its strong credit appetite.”
Mr. Khadiri concluded by saying: “This deal adds to Bank of Sharjah’s portfolio of noteworthy achievements and strong track record in providing financing products and services, as well as financial advisory to the Public sector and Corporates. We will continue our efforts to pursue Bank of Sharjah’s strategic objectives in order to strengthen and cement our position as a leading banking institution in the Emirate of Sharjah and across the UAE, as we continue to fulfill the needs and requirements of our customers.”
The Emirate of Sharjah (“Sharjah”) is one of seven emirates which together comprise the Federation of the United Arab Emirates, established in 1971. As the third-largest emirate in the UAE in terms of area, Sharjah enjoys a diversified economy, with particular strengths in trade, manufacturing, construction and logistics, whereas its reliance on more volatile sectors such as hydrocarbons and real estate has been limited.
In January 2023, S&P Global Ratings upgraded the Govt. of Sharjah’s outlook from Negative to Stable, while retaining the rating at BBB-.
