Dar Al-Arkan completes SAR 1.7 bln Sukuk repayment

Dar Al-Arkan Real-Estate Development Co. (DAAR) said on Monday that it has completed its SAR 1.7 billion Sukuk repayment due this week.

The total amount has already been transferred to Deutsche Bank and the relevant account holders will receive the repayment by its set deadlineon Wednesday, the company said in a statement to Tadawul, Saudi Arabia’s bourse.

The fourth Sukuk issuance was part of the developer’s Sharia-compliant debt program initiated in 2007.

During the last seven years, DAAR has successfully repaid four Sukuks, or Islamic loans— three of which were international and one of which was domestic— totaling SAR 8.4 billion ($2.25 billion).

The bourse-listed developer has supplied the Saudi realty market with more than 15,000 residential units and more than 10 million square meters of developed land.