Nasdaq Dubai, the international financial exchange in the Middle East, welcomed the listing of $600 million Sukuk by Dar Al-Arkan Sukuk Company Ltd, Saudi Arabia’s publicly listed residential property developer.
The Sukuk issuance, part of the $2.5 billion Trust Certificate Issuance Programme, is set to mature in 2029.
The latest listing marks Dar Al-Arkan’s fourth sukuk listing on Nasdaq Dubai, bringing the total value of its listed securities to $2 billion.
Andy Raheja, CEO of Dar Al-Arkan, said: “We are elated to celebrate our $600 million sukuk listing on Nasdaq Dubai. This marks our 13th issuance and 9th under the programme, a testament to our investors’ unwavering support. Our gratitude to all who collaborated in achieving this remarkable success.
“Trust in Dar Al-Arkan reflects our commitment to excellence, strengthening our position as Saudi Arabia’s leading residential property developer. With Nasdaq Dubai’s support, we’re confident in achieving our financial objectives and advancing the financial landscape.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “As the international financial exchange in the Middle East, Nasdaq Dubai is unwavering in its dedication to fostering growth and providing a transparent, efficient marketplace for issuers like Dar Al-Arkan. We remain steadfast in our mission to facilitate access to regional and global investors, empowering companies to raise capital and achieve their financial objectives.”
The listing of Dar Al-Arkan’s sukuk further contributes to the growth of Dubai’s sukuk market, which now boasts a total value of $79 billion, with an impressive $76 billion listed on Nasdaq Dubai alone.
Earlier this year, Dar Al Arkan successfully listed on the London stock exchange with a value of SAR 2,250,000,000 ($600 million).
“It’s a big milestone for us to have a vehicle listed in London,” Dar Global CEO Ziad El Chaar told Arabian Business.
“It is mainly a vehicle for growth and will expose us to a much bigger market and much bigger transactions,” he said.
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