IslamicFinance.de

Saudi Arabia’s Dar Al Arkan Real Estate Development Company aims to redeem its $400-million sukuk by using internal cash reserves. The sukuk, listed on Irish Stock Exchange and Nasdaq Dubai, is set to mature on May 28, 2019. Over the last decade, Dar Al Arkan has issued nine international sukuks and post redemption of 2019 sukuk and Dar will continue to have $1 billion of sukuks. CEO Andy Raheja said that Dar Al Arkan had cash and cash equivalents near SR5 billion. Given the strong free cash flow conversion, the company sees no immediate need to issue any new Sukuks for the foreseeable future.

Saudi Arabia’s biggest real estate company by market value, Dar Al Arkan Real Estate Development Company, has seen profits fall more than half for the third quarter against last year, citing a slump in sales.
The decrease in net income during the third quarter compared to the corresponding quarter last year is mainly due to the lower volume of the land and residential unit sales.