Yousef Bin Abdullah Al-Shelash, chairman of Dar Al-Arkan Real Estate Development Company, 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 capital-raising strategy as it prepares for further property development activities across Saudi Arabia, including commercial real estate and integrated residential communities.
The Sukuk was two times oversubscribed and received significant interest from international as well as regional market participants. It brings the total value of Dar Al-Arkan’s Sukuk currently listed on Nasdaq Dubai to $1.35bn, including two listings in May 2014 that totaled $850m.
The bell ceremony took place in the presence of Essa Kazim, governor of DIFC and senior representatives of Dar Al Arkan.
Yousef Bin Abdullah Al-Shelash, chairman of Dar Al-Arkan Real Estate Development Company said, “The substantial demand shown for our latest Sukuk underlines the confidence that investors have in our company and its plans for further development in commercial and residential projects. Our listing on Nasdaq Dubai, the international exchange based in our own region, provides us with excellent visibility to investors across the Middle East and around the world as well as a respected listing environment regulated to international standards.”