Dar Al Arkan of Saudi Arabia Lists Its Second Sukuk on DIFX |
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*$1 billion offering gives DIFXDIFX
48% of all listed Sukuk by value Dar Al Arkan Real Estate Development CompanyDar Al Arkan Real Estate Development Company (Dar Al ArkanDar Al Arkan), a prominent Saudi Arabian property developer, today listed a $1 billion dollar Sukuk (Islamic bond) on the Dubai International Financial ExchangeDubai International Financial Exchange (DIFXDIFX). It is the second Sukuk to be issued by the company, following a $600 million Sukuk which also listed on the DIFXDIFX in May 2007. The value of the DIFXDIFX's Sukuk listings is now $13.78 billion, or 48% by value of all Sukuk listed on exchanges worldwide.
Abdullatif Al-Shalash, Managing Director of Dar Al ArkanDar Al Arkan, said: "Sukuk are a highly attractive asset class that appeal to investors worldwide who seek exposure to Saudi Arabian real estate through Dar Al ArkanDar Al Arkan's activities. As the region's international exchange with world class regulatory standards, the DIFXDIFX gives our Sukuk high visibility globally and in the region."
Like its first Sukuk, Dar Al ArkanDar Al Arkan's second offering was sold to investors in Europe, southeast Asia and the Middle East.
Per E. Larsson, Chief Executive of the DIFXDIFX, said: "More than 60 Sukuk have been issued globally this year, up from 50 in the same period of 2006, and we expect further listings as we expand our involvement with the sector. Dar Al ArkanDar Al Arkan is our first Saudi Arabian issuer and the first overseas company to list two Sukuk on the DIFXDIFX."
Dar Al ArkanDar Al Arkan's latest Sukuk is based on an Ijara structure maturing in 2012. The issuer is Dar Al Arkan International Sukuk Company, which was specially created by Dar Al ArkanDar Al Arkan for the purpose. Its financial advisers were ABC Islamic BankABC Islamic Bank, Arab National BankArab National Bank, Deutsche BankDeutsche Bank, Dubai Islamic BankDubai Islamic Bank, Kuwait Finance House (Malaysia) Berhad and Unicorn Investment BankUnicorn Investment Bank.
Hamed Ali, Executive Officer of the DIFXDIFX, said: "Issuers are increasingly seeing the value of listing their Sukuk in order to underpin investor confidence in their securities. As the international exchange serving its region, the DIFXDIFX offers the ideal listing platform for regional and international issuers."
-Ends-
About DIFX
The DIFXDIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFXDIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 18 Members - ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche BankDeutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment BankNBD Investment Bank, SHUAA Capital and UBS.
Issuers on the DIFXDIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold CorporationCitigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), Dar Al Arkan International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche BankDeutsche Bank (certificates over indices).
The regulator of the DIFXDIFX is the Dubai Financial Services Authority (DFSA). The DIFXDIFX is located in the Dubai International Financial Centre (DIFC) and its owner is DIFC Investments.
www.difx.ae
© Press Release 2007
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