Abu Dhabi – Mubasher: Abu Dhabi-based state-owned Senaat is looking to launch a US dollar-denominated sukuk issue, Reuters reported on Tuesday, citing unnamed sources as saying.
The issue will be the first Islamic bond issue for Senaat, which operates in the Abu Dhabi’s industrial sector. The company had taken several loans, including $400 million loan to replace an existing $750 million revolving facility from 2013.
Senaat, one of the largest industrial investment companies in the UAE, will use the sukuk to finance its expansion, one of the sources told Reuters, but did not specify what type of expansions the company was considering.
In June, sources told Reuters that Abu Dhabi-owned and based Abu Dhabi National Oil Company (ADNOC) was considering debt funding, including a loan of up to $5 billion and a bond issue reaching $3 billion.
