GFH acts as Joint Lead Manager on Dar Al Arkan’s US$400mln sukuk issuance

GFH acts as Joint Lead Manager on Dar Al Arkan’s US$400mln sukuk issuance

Manama: GFH Financial Group ("GFH or the Group") today announced that it has acted as Joint Lead Manager, alongside other parties, on the pricing and issuance of a US$400 million Sukuk by Dar Al Arkan ("the Company"), a leading real estate development company in Saudi Arabia. The sale of the three-year Sukuk, which took place on 30th June 2022, was met with strong demand from regional and international investors and marks the 12th market issuance for the Company to date.

Dar Al Arkan, which is listed on Tadawul, is the largest Saudi developer by market value and has a portfolio of assets valued at more than US$8.5 billion. Its iconic projects are located across the Kingdom and in international market including Dubai and Sarajevo. Proceeds from the issuance will be used to further support the Company's development goals and pipeline of world-class projects.

Commenting, Mr. Salem Patel, Chief Investment Officer, Debt and Capital Markets at GFH, said, "We are pleased to act as a key JLM on another successful issuance by Dar Al Arkan. Having played a central role in syndicating the Sukuk, the transaction demonstrates GFH's strong capital market capabilities and our ability to lead on important transactions to support our