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KSA-based Dar Al-Arkan Real Estate Development Company has paid back its US $600 million sukuk, issued in March 2007, on schedule.
The sukuk was the first issued by a Saudi company in the international capital markets.
“We are pleased to report the successful repayment of our debut Sukuk and would like to thank our Sukuk holders for their confidence in Dar Al-Arkan," said Yousef Abdullah Al-Shelash, chairman of Dar Al-Arkan.
"The overwhelming response we received from the international financial community when we launched this Sukuk represented a vote of confidence not only in Dar Al-Arkan but also in the Saudi economy. We are committed to maintaining our leading role in providing affordable housing solutions that meet international standards to middle income families across the Kingdom of Saudi Arabia.”
Ikbal Daredia, CEO of Unicorn International Islamic Bank Malaysia Berhad, a shari’ah advisor on the sukuk issue, added: “The ability of Dar Al-Arkan to successfully meet its obligations sends a positive signal to the international financial community and affirms the fundamental strength of the company’s strategy.”
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