The developer raised $600 million from the market through Sukuk/Bloomberg
by Kudakwashe MuzoriwaSaudi-based Dar Al Arkan Real Estate Development has appointed a group of local and international banks for a potential Sukuk issuance, months after the real estate firm raised funds from the debt capital market to meet its corporate requirements.
In a bourse filing, Dar Al Arkan mandated Alkhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq Bank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners for the new transaction.
The seven-year Regulation S dollar-denominated fixed rate benchmark senior unsecured Sukuk issuance is subject to market conditions.
Fitch Ratings said that global Sukuk issuance increased by six per cent in 2019 to $42.2 billion, due to the broadening range of issuers and investors.
The company said that it will commence institutional investors meetings in the UAE and London this week.
The developer raised $600 million from the market through Sukuk. The deal received significant interest from Middle Eastern, European and Asian investors with the order book climbing to $1.67
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