S&P Global Ratings in April affirmed the emirate’s debt score with a stable outlook
RIYADH: Sharjah’s government has picked banks to raise over $750 million from an Islamic bond offering, drawn by historically low funding costs with its finances under strain, Bloomberg reported.
The offering could happen as soon as the coming days, people familiar with the matter said, asking not to be identified.
The UAE third-biggest sheikhdom is facing another year of fiscal deterioration after the coronavirus pandemic cut into revenue and forced the local government to spend more to support the economy, according to Bloomberg.
S&P Global Ratings in April affirmed the emirate’s debt score with a stable outlook.
Sharjah’s economic growth will rebound by 4 percent this year after a contraction of about 10 percent in 2020, according to the rating agency.
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