DUBAI, May 21 (Reuters) - Saudi developer Dar Al Arkan

4300.SE has launched a $450 million five-year Islamic bond offering, a document from lead managers said on Tuesday, in the real estate firm's first international bond sale in more than three years.

The sukuk will price at 5.875 percent, the document said, tighter than the 6 percent guidance issued earlier on Tuesday, which itself was inside the 6.25 percent first given on Monday.

ID:nL6N0E20LF

Dar Al Arkan's sukuk, its first international bond offering since 2010, is being arranged by Bahrain-based Bank Al Khair, Deutsche Bank DBKGn.DE , Emirates NBD ENBD.DU , Goldman Sachs

GS.N and Qatari pair Masraf Al Rayan MARK.QA and QInvest.

(Reporting by Mala Pancholia; Writing by David French; Editing by Dinesh Nair)

((davidj.french@thomsonreuters.com)(+971 4 362 5864)(Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: SAUDI DARALARKAN/SUKUK