Riyadh – Mubasher: Dar Al Arkan Sukuk Company, a subsidiary of the Saudi Dar Alarkan Real Estate Development Company, has listed $600 million worth of Sukuk on Nasdaq Dubai.
The listing will be under the $2.50 billion Trust Certificate Issuance Programme and is scheduled to mature in 2029, according to a press release.
CEO of the parent company Dar Al Arkan, Andy Raheja, said: “This [listing] marks our 13th issuance and 9th under the programme, a testament to our investors' unwavering support.”
Following the latest Sukuk transaction, Dar Al Arkan's listed securities on Nasdaq Dubai add up to four Sukuk that total $2 billion.
Raheja added: “With Nasdaq Dubai's support, we're confident in achieving our financial objectives and advancing the financial landscape."
Currently, the total value of Sukuk listed in Dubai is $79 billion, of which $76 billion is listed on Nasdaq Dubai alone.
CEO of DFM and Nasdaq Dubai, Hamed Ali, noted: “As the international financial exchange in the Middle East, Nasdaq Dubai is unwavering in its dedication to fostering growth and providing a transparent, efficient marketplace for issuers like Dar Al Arkan.”
Ali concluded: “We remain steadfast in our mission to facilitate access to regional and global investors, empowering companies to raise capital and achieve their financial objectives.”
Earlier in July, the UAE-based real estate developer Sobha Realty listed $300 million worth of Sukuk on Nasdaq Dubai.
Meanwhile, in the first quarter (Q1) of 2023, the listed Dar Al Arkan achieved net profits after Zakat and tax worth SAR 117.63 million.