Shuaa Capital has approved the issuance of non-convertible bonds valued at US$150 million in one or more tranches in a private placement.

These bonds will be listed on a market outside the UAE, the company said in an announcement on the website of the Dubai Financial Market where its shares are listed.

During the company’s ordinary general meeting (OGM), the shareholders authorised the board to carry out all the actions needed for the issuance, including completing the timing, terms, and pricing details.