Dar Al-Arkan lists $500 million sukuk on Nasdaq Dubai

02/04/2018 06:10 AST

Yousuf Bin Abdullah Al Shelash, Chairman of Dar Al-Arkan Real Estate Development Company, one of the largest Real Estate Developers in the Middle East, today rang the market opening bell to celebrate the listing of a $500 million (Dh1.836 billion) sukuk on Nasdaq Dubai.

The listing provides strong support for Dar Al-Arkan’s financing and capital raising strategy to support the continuing growth of real estate activities across Saudi Arabia, including commercial real estate and integrated residential communities, as well as its international developments expansions.

The five-year Sukuk was more than two times oversubscribed and received significant interest from Middle Eastern, European and Asian investors. It brings Dar Al-Arkan’s total Sukuk value listed on Nasdaq Dubai to $1.85 billion, following three other Sukuk listings by the company on the region’s international exchange in 2014 and 2017.

The bell ceremony took place in the presence of Eisa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary-General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Dar Al-Arkan, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai.

Kazim said: “This listing by one of the Middle East’s leading real estate development companies underlines the close Islamic capital markets ties between the UAE and Saudi Arabia. We will further strengthen our relationships with Sharia-compliant entities in GCC countries.”

Gulf News