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Wed 26 Feb 2020 02:34 PM

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Saudi developer lists $400m sukuk on Nasdaq Dubai

New listing brings Dar Al-Arkan's total sukuk value listed on Nasdaq Dubai to $2 billion

Saudi developer lists $400m sukuk on Nasdaq Dubai

Nasdaq Dubai on Wednesday welcomed the listing of a $400 million sukuk by Dar Al-Arkan, the Saudi-based real estate development company.

According to a statement, the listing brings Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai to $2 billion, following the listing of a $600 million sukuk last October and listings of two sukuk of $500 million each in 2017 and 2018.

Dar Al-Arkan’s activities include residential, mixed use and commercial developments in Riyadh, Jeddah, Makkah and Madinah and other cities across in Saudi Arabia, as well as the I Love Florence Tower in Downtown Dubai.

Nasdaq said the company’s latest sukuk underlines Dubai’s expanding role as one of the largest global centres for sukuk listings by value with a current total of $66.4 billion.

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