Saudi-based Dar Al-Arkan Real Estate Development Company has listed its $600 million Islamic bond on Nasdaq Dubai bringing the company’s total Sukuk value listed on Nasdaq Dubai to $1.6 billion, following the listings of two Sukuks of $500 million each in 2017 and 2018.
Yousef Bin Abdullah Al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, said, “The funds raised provide us with the capital to dynamically invest in our business activities across Saudi Arabia as we see the market conditions improving and prepare for the next upcycle.”
Nasdaq Dubai stated that the issuance was Dar Al Arkan’s tenth issue since 2007 and the six tranche of its current $2 billion programme and it is due in February 2025 with a coupon rate of 6.75 per cent.
MSCI added Dar Al-Arkan to its EM Index following Saudi Arabia’s inclusion in the index in May 2019 and the company is one of the 12 Saudi-listed companies on which Nasdaq Dubai launched futures contracts earlier this year.
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