Riyadh – Mubasher: Dar Alarkan Real Estate Development Company announced its intention to issue five-year Regulation S US fixed rate benchmark senior unsecured sukuk, based on the board meeting held on 10 September 2019 corresponding to 11/1/1441 H.

The sukuk offering amount shall be subject to market conditions, Dar Alarkan said in a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

Additionally, the sukuk issuance will be subject to approvals from competent authorities. Moreover, relevant stabilisation rules and regulations from the Financial Conduct Authority (FCA) as well as the International Capital Market Association (ICMA) will apply.

Furthermore, the firm has ‘’mandated Alkhair Capital, Deutsche Bank, Dubai Islamic Bank (DIB), Emirates NBD Capital, Goldman Sachs International, Noor Bank, Standard Chartered Bank, and Warba Bank as joint lead managers and bookrunners to arrange fixed income investor meetings in the Middle East, London, Singapore, and Hong Kong commencing on 3 October 2019.’’

The company will announce further developments in due course.