Dar Al Arkan, the leading Saudi Arabia-based real estate developer, announced that it has listed sukuk on Nasdaq Dubai with the value of $500 million.
In his comment on the listing announcement, Youssef Bin Abdullah Al-Shelash, the chairman of Dar Al Arkan Properties explained that the company’s sukuk issuance is another step in the international expansion strategy it has started implementing in the last year. Al-Shelash also added that the listing supports Al Dar’s activities in Saudi Arabia as a part of Saudi Vision 2030.
The five-year sukuk was oversubscribed twice at least, with most of the interested investors coming from the Middle East region, Europe and Asia; this brings the market value of the sukuk listed by Dar Al Arkan on Nasdaq Dubai to around $1.85bn, helping the company’s local growth in the Kingdom of Saudi Arabia, as well as its international expansion.
Earlier this year, Dar Al Arkan announced that it has commenced the work on the $218m I Love Florence residential tower, its first international project which is situated on the Dubai Water Canal in Dubai, offering its future residents a unique waterfront view of the canal.