Saudi Arabia-based Dar Al Arkan Real Estate Development Company has listed three sukuks totalling Dh4.22 billion ($1.1 billion) on Nasdaq Dubai.

 

The listings from the prominent Saudi Arabian property developer has raised the value of the sukuk listed in Dubai to $22.23 billion, said a statement.

 

It includes a $400 million sukuk which was issued earlier last month, and a $300 million and $450 million sukuks issued in November and May respectively last year.

 

A bell ceremony took place, where Yousef Bin Abdullah Al Shelash, chairman of Dar Al Arkan, rang the market opening bell,  in the presence of Mohammed Abdulla Al Gergawi, chairman of the Executive Office of Sheikh Mohammed Bin Rashid Al Maktoum and chairman of the board, Dubai Islamic Economy Development Centre (DIEDC) and other senior executives of DIEDC, Dar Al Arkan, Nasdaq Dubai and Dubai Financial Market (DFM).  

 

“These listings by a major company within the GCC represents a further step in Dubai’s growth as the global Capital of Islamic Economy under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, and overseen by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai,” said Al Gergawi.

 

“Listing our sukuk on Nasdaq Dubai, which is considered the region’s international exchange, offers us expanded visibility and connectivity with the investor community. The issuance has enabled us to raise the necessary capital for growth and expansion, confirming the positive reputation that Dar Al Arkan enjoys among investors, supported by a wide variety of leading commercial and residential real estate projects in Saudi Arabia,” said Al Shelash.

 

“The sukuk proceeds will be used for new and existing projects as well as acquisitions in Saudi Arabia,” he said.

 

Hamed Ali, chief executive of Nasdaq Dubai, said: “The listings by Dar Al Arkan underline our commitment to provide issuers from Saudi Arabia, the wider GCC and beyond with the first class capital markets and investor framework that they require. Nasdaq Dubai will continue to enhance its admissions infrastructure and post-listing services in order to further strengthen its position in the global marketplace.” - TradeArabia News Service