Bank of Sharjah (BoS) recently participated as Mandated Lead Arranger in the $500 million 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.

 

Mohamed Khadiri, CEO of BoS, said: “The successful closing of this financing underscores BoS’s unwavering commitment to support the strategic initiatives and funding requirements of the Government of Sharjah and its related entities.” 

 

Strong market demand

Khadiri said: “The facility was significantly oversubscribed due strong market demand, which enabled the Government of Sharjah to tap $500 million instead of the initial amount of $400 million. This clearly reflects the Government of Sharjah’s solid fundamentals and confirms its strong credit standing.” 

 

Khadiri concluded: “This deal adds to BoS’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 BoS’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 fulfil the needs and requirements of our customers.”

 

In January 2023, S&P Global Ratings had upgraded the Government of Sharjah's outlook from Negative to Stable, while retaining the rating at BBB-.--TradeArabia News Service