Dar Al-Arkan Real Estate Development Company chairman Yousef Bin Abdullah Al-Shelash rang the market opening bell to celebrate the listing of a $500m Sukuk on Nasdaq Dubai.
The listing provides strong support for Dar Al-Arkan’s financing and capital raising strategy to support the continuing growth of real estate activities across Saudi Arabia, including commercial real estate and integrated residential communities, as well as its international developments expansions including the I Love Florence Tower, a co-branded residential tower project in Downtown Dubai announced in December 2017.
The five-year Sukuk was more than two times oversubscribed and received significant interest from Middle Eastern, European and Asian investors. It brings Dar Al-Arkan’s total Sukuk value listed on Nasdaq Dubai to $1.85bn, following three other Sukuk listings by the company on the region’s international exchange in 2014 and 2017.
Al-Shelash said, “Our latest successful Sukuk issuance supports our activities throughout Saudi Arabia under the national transformation programme as part of the Vision 2030 strategy, as well as the international expansion that we began in 2017. Our listing on Nasdaq Dubai provides us with excellent links and visibility to investors in our own region and around the world as well as a respected listing platform regulated to international standards.”