Saudi Dar Al Arkan Sukuk lists $600mln securities on Nasdaq Dubai
- Date: 27-Jul-2023
- Source: Zawya
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi Dar Al Arkan Sukuk lists $600mln securities on Nasdaq Dubai
Dar Al Arkan Sukuk Company, a subsidiary of the Saudi Dar Alarkan Real Estate Development Company, has listed $600 million worth of Sukuk on Nasdaq Dubai.
The listing will be under the $2.50 billion Trust Certificate Issuance Programme and is scheduled to mature in 2029, according to a press release.
CEO of the parent company Dar Al Arkan, Andy Raheja, said: “This [listing] marks our 13th issuance and 9th under the programme, a testament to our investors' unwavering support.”
Following the latest Sukuk transaction, Dar Al Arkan's listed securities on Nasdaq Dubai add up to four Sukuk that total $2 billion.
Raheja added: “With Nasdaq Dubai's support, we're confident in achieving our financial objectives and advancing the financial landscape."
Currently, the total value of Sukuk listed in Dubai is $79 billion, of which $76 billion is listed on Nasdaq Dubai alone.
CEO of DFM and Nasdaq Dubai, Hamed Ali, noted: “As the international financial exchange in the Middle East, Nasdaq Dubai is unwavering in its dedication to fostering growth and providing a transparent, efficient marketplace for issuers like Dar Al Arkan.”
Ali concluded: “We remain steadfast in our mission to facilitate access to regional and global investors, empowering companies to raise capital and achieve their financial objectives.”
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