Sharjah24: Arada, a prominent real estate developer in Sharjah on Tuesday announced the initial price indicative for Islamic bonds (sukuk) for a period of five years at about 8.25%.

This will be the company's first sukuk issuance, which is expected to close later on Tuesday, and will also be the first sale of public dollar bonds in the Gulf since late March, when the Sharjah government raised $750 million, also through the sale of sukuk.

The company indicated the assured support from the government and regulatory authorities in a promotion for investors that includes a loan guarantee of up to 436 million dollars, flexible payment plans and the allocation of land in prime locations.