Further to the announcement made by Dar Al Arkan Real Estate Development Company (DAAR) on Tadawul on 20 May 2013, DAAR is pleased to announce the successful closing of the Fifth tranche Sukuk issuance under its USD denominated Islamic Sukuk Programme with a size of SAR 1.875 billion (USD 500 million).
The order book for the Sukuk was opened on Tuesday, 13th of March 2018 and closed Wednesday, 14th of March 2018. With a five year tenor at a profit rate of 6.875% per annum.
The issuance received significant interest from international market participants with the order book reaching SAR 4.5 billion (US$ 1.2 billion).
Dar Al Arkan has appointed Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Nomura, Noor Bank and Standard Chartered Bank to manage the potential Fifth tranche issuance.