‎“Dar Al-Arkan” completes dollar-denominated sukuk issuance, ‎at a value of SR 2.25 bln‎

Dar Al-Arkan Real Estate Development Company announced the successful closure of its thirteenth issuance of Islamic sukuk.

The total number of (sukuk / bonds) amounted to 3,000 sukuk, while the nominal value (of the sukuk / bond) amounted to 200,000 dollars, with a return (sukuk / bond) of 8% annually, and the maturity period of (sukuk / bond) February 25, 2029. ,

The company said in a statement today on “Tadawul” that the order book for sukuk was opened on Tuesday, July 18, 2023, and closed on the same day. The maturity period is five years, with a profit rate of 8% annually. Indicating that the issuance received great interest from participants in the regional and international markets, as the order book reached 6.15 billion riyals ($1.64 billion).

The company explained that she had appointed Abu Dhabi Commercial Bank, Al Khair Capital (Dubai), Al Rayan Investment, Commercial Bank of Dubai, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, Mashreq Bank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank to manage the issuance of the ninth tranche issuance Type Unsubsidised, priority, fixed-rate US dollar sukuk under the (RegS) system.

Dar Al-Arkan added that the stability rules of the British Financial Supervisory Authority (FCA) in London and the International Financial Market Corporation (ICMA) will apply to the offering. The sukuk will be listed on the London Stock Exchange and Nasdaq Dubai.