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GFH acts joint lead manager on Dar Alarkan's $400m Sukuk issuance

GFH acts joint lead manager on Dar Alarkan's $400m Sukuk issuance
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Mubasher: GFH Financial Group has acted as a joint lead manager on the pricing and issuance of a $400 million Sukuk by Saudi Arabia-based Dar Alarkan Real Estate Development Company.

The three-year Sukuk, which marks the company's 12th market issuance to date, has attracted strong demand from regional and international investors, according to a press release on Monday.

The company will use the proceeds from the issuance to further support its development goals and launch of projects.

The Chief Investment Officer of Debt and Capital Markets at GFH, Salem Patel, said: "Having played a central role in syndicating the Sukuk, the transaction demonstrates GFH’s strong capital market capabilities and our ability to lead on important transactions to support our clients’ aspirations and growth."

Meanwhile, the CEO of Dar Alarkan, Andy Raheja, commented: "GFH was a key regional anchor and their support was invaluable in helping to successfully execute this trade despite challenging market conditions."

It is noteworthy to mention that in the first quarter (Q1) of 2022, the net profits attributable to the shareholders of GFH totalled $19.11 million, an annual growth of 18.50% from $16.12 million.