Dar Al Arkan completes SAR 2.8B USD-denominated sukuk issuance

Logo of Dar Al Arkan Real Estate Development Co.

Dar Al Arkan Real Estate Development Co. successfully completed its 14th sukuk issuance, marking the company's 10th tranche under its USD-denominated sukuk issuance program worth SAR 2.8 billion ($750 million).

 

The order book for the sukuk was opened and closed on June 25, the company said in a Tadawul statement.

 

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The issuance received significant interest from regional and international market participants with the order book reaching SAR 10.8 billion ($2.87 billion).

 

Details of Sukuk Issue

Offer Type

US$ fixed rate RegS senior unsecured sukuk

Offer Value

SAR 2.81 bln ($750 mln)

Lead Manager

 

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Alkhair Capital (Dubai), Al Rayan Investment, Arqaam Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank

No. of Sukuk

3,750

Par Value

$200,000

Return

7.25% annually

Maturity

July 2, 2030
 

The stabilization rules of the Financial Conduct Authority (FCA) in London and the International Capital Market Association (ICMA) will also apply to the issuance. The sukuk will be listed on the London Stock Exchange and Nasdaq Dubai.

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