Thursday 2 April 2020

Saudi Dar Al Arkan launches $400m Nasdaq Dubai bond

DUBAI, February 27, 2020

Leading Saudi real estate developer Dar Al Arkan has announced the successful listing of its $400-million sukuk (Islamic bond) on Nasdaq Dubai.

This brings Dar Al Arkan’s total sukuk value listed on Nasdaq Dubai to $2 billion, including the listing of a $600 million sukuk in October last year and listings of two sukuks of $500 million each in 2017 and 2018 respectively.

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.

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 $66.355 billion. – TradeArabia News Service


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