Dar Al Arkan Real Estate Development Co. is set to issue US-denominated, Shariah-compliant, fixed-rate, senior unsecured sukuk under Regulation S, according to a statement to Tadawul.
The real estate developer mandated Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Alkhair Capital, Al Rayan Investment, Arqaam Capital, Bank ABC, Dubai Islamic Bank (DIB), Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq Bank, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank as joint lead managers and bookrunners to arrange a series of fixed income investor meetings starting June 24, 2025.
The company added that the sukuk issuance will follow these meetings, subject to market conditions, regulatory approvals, and in accordance with Regulation S offering guidelines in global markets.
On May 29, Dar Al Arkan’s board approved the issue, with the size of the offering to be determined based on prevailing market conditions. The proceeds will be used for general corporate purposes.
The offering will be subject to the approval of the relevant regulatory authorities. The issuance will also be subject to the stabilization rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA).
The company noted that any material developments will be disclosed in due course in accordance with applicable laws and regulations.
