![heres what has made sharjah shine like a glittering city[1]](https://thearabianpost.com/wp-content/uploads/2023/09/heres-what-has-made-sharjah-shine-like-a-glittering-city1-768x576.png){kind=small}
Bank of Sharjah announced it was a mandated lead arranger a US$ 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.
According to Mohamed Khadiri, CEO of Bank of Sharjah, the facility was significantly oversubscribed due strong market demand, which enabled the Govt. of Sharjah to tap USD 500 million instead of the initial amount of USD 400 million.
As the third-largest emirate in the UAE in terms of area, Sharjah enjoys a diversified economy, with particular strengths in trade, manufacturing, construction and logistics, whereas its reliance on more volatile sectors such as hydrocarbons and real estate has been limited.
In January 2023, S&P Global Ratings upgraded the Govt. of Sharjah’s outlook from Negative to Stable, while retaining the rating at BBB-.
Also published on Medium.
