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| 19 April, 2017

Dar Al Arkan lists $500mln sukuk on Nasdaq Dubai

Image used for illustrative purpose. People attend a ceremony for the listing of Nasdaq Dubai at Dubai Financial Market (DFM) in Dubai, UAE September 5, 2016.

Image used for illustrative purpose. People attend a ceremony for the listing of Nasdaq Dubai at Dubai Financial Market (DFM) in Dubai, UAE September 5, 2016.

REUTERS/Celine Aswad

Listing provides strong support for Dar Al Arkan’s capital-raising strategy as it prepares for further property development activities across Saudi Arabia

Wednesday, Apr 19, 2017

Dubai: Yousuf Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, on Wednesday rang the market opening bell to celebrate the listing of a $500 million (Dh1.9 billion) sukuk on Nasdaq Dubai, the region’s international exchange.

The listing provides strong support for Dar Al Arkan’s capital-raising strategy as it prepares for further property development activities across Saudi Arabia, including commercial real estate and integrated residential communities.

The sukuk was two times oversubscribed and received significant interest from international as well as regional market participants. It brings the total value of Dar Al Arkan’s sukuk currently listed on Nasdaq Dubai to $1.35 billion, including two listings in May 2014 that totalled $850 million.

The bell ceremony took place in the presence of Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Dar Al Arkan, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, and Hamed Ali, Chief Executive of Nasdaq Dubai.

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“The substantial demand shown for our latest sukuk underlines the confidence that investors have in our company and its plans for further development in commercial and residential projects. Our listing on Nasdaq Dubai, the international exchange based in our own region, provides us with excellent visibility to investors across the Middle East and around the world as well as a respected listing environment regulated to international standards,” Yousuf Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, said in a statement.

Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: “This listing from a prominent Riyadh-based real estate developer further strengthens the close capital markets ties between the UAE and Saudi Arabia, which benefit economic development in the GCC.”

Dubai’s Sukuk listings have now reached a total nominal value of $53.81 billion, the highest amount of any listing venue in the world.

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