Saudi developer Dar Al-Arkan lists $500m sukuk on Nasdaq Dubai
The investment is expected to boost the Saudi and international growth of Dar Al-Arkan, the developer building Dubai's I Love Florence Tower
Saudi Arabia-headquartered Dar Al-Arkan Real Estate Development Company has listed a $500m (SAR1.87bn) sukuk on Nasdaq Dubai.
The five-year sukuk was oversubscribed, with interest registered from Middle Eastern, European, and Asian investors.
This investment brings the total value of Dar Al-Arkan’s listed sukuk on Nasdaq Dubai to $1.85bn (SAR7bn), following three other listings on the exchange in 2014 and 2017.
Dar Al-Arkan's financing and capital strategy are expected to benefit from the latest listing, helping its growth across Saudi Arabia, as well as its international expansion ambitions.
Among the developer's foreign projects is the I Love Florence Tower in Downtown Dubai, which was unveiled in December 2017.
Its Saudi assets include a 3,700ha land bank in Jeddah, Riyadh, and Mecca, Dubai Media Office reported.
Commenting on the listing, Yousef Bin Abdullah Al-Shelash, chairman of Dar Al-Arkan, said: "Our latest successful sukuk issuance supports our activities throughout Saudi Arabia under the National Transformation Program as part of the Vision 2030 strategy, as well as the international expansion that we began in 2017.
"Our listing on Nasdaq Dubai [...] provides us with excellent links and visibility to investors in our own region and around the world, as well as a respected listing platform regulated to international standards."