Sabic to buy land from Dar Al Arkan
Riyadh, May 23, 2012
Saudi Basic Industries Corp (Sabic), the world's biggest petrochemicals group by market value, is buying part of a residential project from Saudi builder Dar Al Arkan for 741.7 million riyals ($197.77 million), the two companies said on Wednesday.
Dar, the kingdom's largest property developer with a $1 billion Islamic bond maturing in July, said it will book gains from the Sabic land sale in the second quarter of 2012. - Reuters