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 $500mn sukuk on Nasdaq Dubai.
The listing provides strong support for Dar Al-Arkans 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-Arkans total sukuk value listed on Nasdaq Dubai to $1.85bn, following three other sukuk listings by the company on the regions international exchange in 2014 and 2017.
Al-Shelash said: Our latest successful sukuk issuance supports our activities throughout Saudi Arabia under the National Transformation Program as part of the Vision 2030 strategy, as well as the international expansion that we began in 2017. Our listing on Nasdaq Dubai, the international exchange based in the GCC, 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.
HE Essa Kazim, governor of DIFC, secretary general of DIEDC, and chairman of DFM, said: This listing by one of the Middle Easts leading real estate development companies underlines the close Islamic capital markets ties between the UAE and Saudi Arabia. We will further strengthen our relationships with Sharia-compliant entities in GCC countries to underpin Dubais expansion as the global Capital of Islamic Economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.
Dar Al-Arkan assets in Saudi Arabia include a 3,700ha land bank in Jeddah, Riyadh, and Mecca that is the basis for comprehensive urban development projects with accompanying infrastructure.
Dar Al-Arkans latest sukuk listing on Nasdaq Dubai took place on March 22, 2018.