Saudi Arabia's Dar Al-Arkan issues $400m sukuk on Nasdaq Dubai
Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai totals to $2bn with the recent sukuk listing
Saudi Arabia’s Tadawul-listed real estate developer, Dar Al-Akan Real Estate Development Company has listed its $400m (SAR1.5bn) sukuk on Nasdaq Dubai.
With the latest listing, Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai totals to $2bn (SAR7.5bn), the UAE's state-held news agency, Wam reported. This includes the sukuk listing of $600m (SAR2.3bn) in October 2019, and two other sukuk listings of $500m (SAR1.9bn) each in 2017 and 2018.
In October 2019, the company closed the $600m (SAR2.5bn) sixth tranche of its sukuk issuance under its Islamic Sukuk Programme, which was announced by the developer on 2 October 2019, and the bonds were listed on the Irish Stock Exchange (Euronext Dublin).
In a stock market filing at that time, the company said the order book for the sukuk was opened on 9 October 2019 and closed on the same day, adding that the sukuk was issued for a five-year period at a profit rate of 6.75% each year.
Dar Al Arkan is working on Dubai’s I Love Florence Tower, the interiors for which have also been designed by Italian fashion house Roberto Cavalli.