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.
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.
