|16 February, 2020

Saudi Dar Al Arkan mandates bank ahead of sukuk offering-document

Dar Al Arkan Real Estate Development Co has mandated banks to arrange meetings with fixed-income investors from Monday in the UAE and London

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

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DUBAI- Saudi Arabia's Dar Al Arkan Real Estate Development Co has mandated banks to arrange meetings with fixed-income investors from Monday in the United Arab Emirates and London ahead of a planned 7-year sukuk issuance, a lead manager said.

The Saudi company has hired Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank , Nomura , Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners, the lead manager said in a document seen by Reuters.

A seven-year, U.S. dollar fixed-rate benchmark senior unsecured sukuk offering will follow, subject to market conditions, it said.

(Reporting by Saeed Azhar) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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