Dar Al Arkan Real Estate Development Company is pleased to announce the launch of a SAR 2.8 billion (US$ 750 million) International Islamic Sukuk Programme, in multiple tranches over a twelve month period. The order book for the first tranche was opened on Monday, 20 May 2013 and closed yesterday afternoon, 21 May 2015.
The first tranche received significant interest from international and regional market participants with oversubscription of more than 3.7 times of the amount issued, with overall order book crossing the SAR 6 billion (US$ 1,6 billion).
The successful closing of the first tranche concluded with an amount issued of SAR 1.69 billion (US$ 450 million), at a profit rate of 5.75% per annum, and maturing in 5 years on 24 May, 2018.
Dar Al Arkan has picked Bahrain-based Bank Al Khair, Deutsche Bank, Emirates NBD, Goldman Sachs and Qatari pair Masraf Al Rayan and QInvest to arrange the potential sale.