Saudi construction giant lists $500m sukuk on Nasdaq Dubai

Chairman of Dar Al-Arkan rings the market opening bell to celebrate latest listing on Dubai exchange

(Photo: State news agency WAM)

(Photo: State news agency WAM)

The chairman of Saudi-based construction giant Dar Al-Arkan on Wednesay rang the market opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai, the region’s international exchange.

Yousef Bin Abdullah Al-Shelash said the listing provides support for Dar Al-Arkan’s capital-raising strategy as it prepares for further property development activities across Saudi Arabia.

The sukuk was two times oversubscribed and received significant interest from international as well as regional market participants, a statement said.

It brings the total value of Dar Al-Arkan’s sukuk currently listed on Nasdaq Dubai to $1.35 billion, it added.

Al-Shelash said: “The substantial demand shown for our latest sukuk underlines the confidence that investors have in our company and its plans for further development in commercial and residential projects.

"Our listing on Nasdaq Dubai, the international exchange based in our own region, provides us with excellent visibility to investors across the Middle East and around the world as well as a respected listing environment regulated to international standards.”

Dubai’s sukuk listings have now reached a total nominal value of $53.81 billion, the highest amount of any listing venue in the world.

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