Walkers Advises on Dual Landmark Sukuk Programme Establishments and Issuances by Leading UAE Real Estate Developers – Omniyat and Sobha Realty

Omniyat, one of the Middle East’s leading luxury real estate developers, successfully launched its inaugural US$500 million, three-year, 8.375% senior unsecured green sukuk under a newly established US$1 billion issuance programme. The sukuk, issued by Cayman Islands-incorporated Omniyat Sukuk 1 Limited, is listed on the London Stock Exchange’s International Securities Market.

The Walkers team, led by Ciaran Bohnacker (Partner) and Szymon Durlo (Senior Associate), acted as Cayman Islands legal counsel to Omniyat and Omniyat Sukuk 1 Limited, providing comprehensive legal and fiduciary support. This included establishing the issuer, delivering Cayman law advice, drafting key transaction documents, and reviewing the offering materials. Walkers also provides ongoing administrative, registered office, shareholder and directorship services to the issuer.

Simultaneously, PNC Investments LLC (Sobha Realty), the third-largest real estate developer in Dubai, issued a US$500 million, three-year sukuk through DIFC-based Sobha Sukuk I Holding Limited under its newly established US$1.5 billion Trust Certificate Issuance Programme. The sukuk is dual-listed on the London Stock Exchange’s International Securities Market and Nasdaq Dubai. Walkers continues to support Sobha Sukuk I Holding Limited by providing a range of corporate, fiduciary, and administrative services, reinforcing its commitment to enabling complex cross-border capital markets transactions.

“These simultaneous issuances by two of the UAE’s most prominent developers underscore the growing sophistication and global reach of the region’s real estate and capital markets sectors,” said Ciaran Bohnacker, Partner at Walkers. “We are proud to have played a key role in both transactions, leveraging our deep expertise in Islamic finance, structured products, and cross-jurisdictional legal services.”

Walkers’ involvement in these landmark deals reflects its position as a trusted advisor for high-profile capital markets transactions across the Middle East.