Unicorn Investment Bank's closing of a $450 million 5-year Sukuk on behalf of leading Saudi real estate developer Dar Al-Arkan, has been named Islamic Finance Deal of the Year by leading international business magazine, The Banker.

Issued in February 2010, the Dar Al-Arkan Sukuk marked the first international issue out of the GCC region in 2010 and was jointly lead managed by Unicorn, Deutsche Bank Securities and Goldman Sachs International, who were also the joint bookrunners. Unicorn was also the sole Shari’ah advisor to the transaction.

As the first 144a issue by a company in Saudi Arabia, the landmark Sukuk made it possible for US investors to directly participate in a Saudi Arabia issue for the first time. It is also the first ever sub-investment grade Sukuk, said a spokesperson.

“The fact that this Sukuk was issued in one of the most difficult weeks of 2010 which saw many other transactions both regionally and internationally either fail to close or get withdrawn for the market bears testament to investor confidence both in Dar Al-Arkan and Saudi Arabia,” said Majid Al Sayed Bader Al-Refai, managing director and chief executive officer of Unicorn.-TradeArabia News Service