Mecca
Dar Al Arkan says it can pay $2.1 bln debt without tapping bond market
Mon, 2010-12-06 12:17 — newsdeskDar Al Arkan Real Estate Development Co., Saudi Arabia’s biggest property company by market value, can repay 7.8 billion riyals ($2.1 billion) of debt maturing within five years without tapping the bond market again.
Rental income from properties in Mecca, Medina and Riyadh will generate 300 million riyals a year and the company plans to raise money by selling residential properties and land in its portfolio, though not fixed assets.
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