Islamic Finance

Saudi Arabia’s Dar Al Arkan issues $400 mln sukuk

Saudi Arabia’s Dar Al Arkan has issued a sukuk worth $400 million, the real estate company said in a stock exchange filing on Thursday (Feb 20).

The seven-year RegS senior unsecured sukuk carries a profit rate of 6.875% per annum.

Dar Al Arkan said the sale received $1.15 billion in orders.

The sukuk is the seventh tranche issuance under the company's U.S. dollar sukuk programme.

Dar Al Arkan appointed Alkhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq Bank, Nomura, Standard Chartered Bank and Warba Bank as managers for the sale.

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