Dubai – Mubasher: Nasdaq Dubai has celebrated the listing of five-year $500 million sukuk by Dar Alarkan Real Estate Development Company.
Oversubscribed by two times, the new sukuk will boost Dar Al-Arkan’s investments and real estate activities across Saudi Arabia, along with its international expansion, according to a bourse statement released on Sunday.
“Our latest successful sukuk issuance supports our activities throughout Saudi Arabia under the National Transformation Program as part of the ‘Vision 2030’ strategy, as well as the international expansion that we began in 2017,” Dar Al-Arkan chairman Yousef Bin Abdullah Al-Shelash said.
The last listing brings the Saudi-listed company’s total sukuk issues on the Nasdaq Dubai exchange to $1.85 billion.
“We are delighted to make our comprehensive exchange infrastructure available to Dar Al-Arkan in order to support its capital raising needs as it pursues its real estate activities,” Nasdaq Dubai chairman Abdul Wahed Al Fahim commented.