Logo of Dar Al Arkan Real Estate Development Co.
Dar Al Arkan Real Estate Development Co. announced today, July 19, the successful closing of its 13th issuance of Islamic Sukuk.
This issuance is the ninth tranche of the Islamic Sukuk program denominated in US dollars, with a value of SAR 2.25 billion ($600 million), Dar Al Arkan said in a statement to Tadawul.
The order book for the sukuk was opened on Tuesday, July 18, and closed on the same day, the company stated, noting that the maturity period is over a period of five years at an annual return of 8%.
The issuance received great interest from participants in the regional and international markets, as the order book reached SAR 6.15 billion ($1.64 billion).
The following table details the issuance process:
|
Sukuk Details |
|
|
Issuer type |
$ Fixed-rate RegS Senior unsecured sukuk |
|
Issuance size |
SAR 2.25 billion ($600 million) |
|
Total number of Sukuk |
3,000 |
|
Par value |
$200,000 |
|
Sukuk Return |
8% Annually |
|
Maturity |
Feb. 25, 2029 |
|
Redemption conditions |
Full redemption upon maturity date |
|
Offering Manager |
Abu Dhabi Commercial Bank PJSC, Alkhair Capital (Dubai), Al Rayan Investment LLC, Commercial Bank of Dubai P.S.C., Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank will manage the ninth tranche issuance |
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