Dar Al Arkan lists $600m sukuk

Saudi Arabian property developer Dar Al Arkan Real Estate Development Company (DAAR) has today listed a $600 million sukuk on the Dubai International Financial Exchange (DIFX).

It is the first sukuk from a Saudi issuer to list on the DIFX and brings the total value of sukuk listed on the exchange to $8.98 billion.

Abdullatif Alshalash, managing director of DAAR, said: "With its international status and its leading role in Islamic finance, the DIFX is the right venue to give our sukuk high visibility globally and in the region. The sukuk's success with investors demonstrates the growing appetite for well structured securities in this asset class, notably in the real estate sector."

The sukuk is a three-year issue based on an ijara lease structure. It is listed solely on the DIFX and was sold to investors in Europe, Southeast Asia and the Middle East.

The financial advisers on the issue were ABC Islamic Bank, Standard Bank, Arab National Bank, Unicorn Investment Bank and WestLB.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM