IslamicFinance.de

Saudi Arabia's Dar Al-Arkan Real Estate Development announced the listing of a $600 million Sukuk on Nasdaq Dubai. The five-year Sukuk was more than 2.5 times oversubscribed and received significant interest from Middle Eastern, European and Asian investors. This issue was Dar Al Arkan’s 10th issue since 2007 and the 6th tranche of its current $2 billion program. The issue is for a 5 year term due in February 2025 with a coupon rate of 6.75%. Dar Al-Arkan’s assets include about 12.4 million square meters of projects under development. The company has handed over 15,000 residential units in Saudi Arabia and holds a land bank with a book value of around SR17 billion.