Greenberg Traurig advises Arada on $400M sukuk issuance
Law firm Greenberg Traurig served as legal counsel to Arada Developments for a $400 million sukuk issuance and related debt restructuring.
Global law firm Greenberg Traurig acted as UAE and English law counsel to Arada Developments LLC regarding its $400 million sukuk issuance, which matures in 2031. The new financial instrument is listed on the London Stock Exchange’s International Securities Market.
The transaction included a $169 million tender offer for existing notes and the introduction of a dissolution call right for debt issued by the developer in 2022. Alex Roussos, a shareholder in Greenberg Traurig’s Dubai office, described the process as complex due to current market conditions and the requirement to coordinate dual liability management exercises.
Arada, founded in 2017 and headquartered in Sharjah, operates across the real estate, retail, and hospitality sectors. The firm has developed multiple residential communities within the UAE.
Greenberg Traurig has been expanding its Middle East presence since 2023, establishing offices in Dubai, Riyadh, and Abu Dhabi. The firm focuses on capital markets, real estate, and financial restructuring services in the region.