Riyadh - Mubasher: Dar Al Arkan Real Estate Development Company announced the successful closing of the fourth tranche of sukuk issue under its US dollar-denominated Islamic Sukuk Programme worth SAR 1.875 billion ($500 million). 

The company stated that the order book for the sukuk was opened on 4 April and closed on 5 April 2017, according to a bourse filing on Thursday.

The five-year tenor orders will be due on 10 April 2022, at a profit rate of 6.88% per annum.

Dar Al Arkan noted that the fourth issue received significant interest from international market participants with the order book close to SAR 4 billion ($1.05 billion), the statement said.

The Saudi-listed firm appointed Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank, and QInvest to manage the issue of the fourth tranche of the programme.