The developer raised $600 million from the market through Sukuk/Bloomberg
by Kudakwashe MuzoriwaSaudi-based Dar Al Arkan Real Estate Development has appointed a group of local and international banks for a potential Sukuk issuance, months after the real estate firm raised funds from the debt capital market to meet its corporate requirements.
In a bourse filing, Dar Al Arkan mandated Alkhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq Bank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners for the new transaction.
The seven-year Regulation S dollar-denominated fixed rate benchmark senior unsecured Sukuk issuance is subject to market conditions.
Fitch Ratings said that global Sukuk issuance increased by six per cent in 2019 to $42.2 billion, due to the broadening range of issuers and investors.
The company said that it will commence institutional investors meetings in the UAE and London this week.
The developer raised $600 million from the market through Sukuk. The deal received significant interest from Middle Eastern, European and Asian investors with the order book climbing to $1.67
MOST READ
INVESTMENT
Aldar to invest AED 2 million in Abu Dhabi...INVESTMENT
Oil drops 31 per cent as price war erupts...INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
Bahrain considers stake sell in oil assetsINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Dubai’s W Motors seeks funds to go electricINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Zimbabwe turns to UAE to sell a stake in...INVESTMENT
Dubai's DP World buys 44 per cent stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
