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Sat 6 Mar 2010 11:56 AM

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Saudi developer pays back $600m sukuk

5-year bond was fourth issue from Saudi's biggest property developer by market value.

Saudi developer pays back $600m sukuk
(Getty Images)

Dar Al Arkan, Saudi Arabia's biggest property developer by market value, said it had repaid an Islamic bond, or sukuk, worth 2.25 billion Saudi riyals ($600m).

The sukuk's arranger Deutsche Bank had confirmed repayment of the bond, Dar al-Arkan said in a statement on the Saudi bourse on Saturday.

Last month, Dar Al Arkan said it raised a lower-than-expected $450 million from a sukuk sale that was priced at 10.75 percent, the first issue from the region since Dubai's debt problems jolted global markets.

The five-year Islamic bond was the fourth issue from the Saudi firm. (Reuters)

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