RIYADH, SAUDI ARABIA – Dar Al Arkan Real Estate Development Co. announced on Wednesday the successful closing of its 13th issuance of Islamic Sukuk.
This issuance is the ninth tranche of the Islamic Sukuk program denominated in US dollars, with a value of US$600 million (SAR 2.25 billion).
The order book for the sukuk was opened on Tuesday and closed on the same day, the company said in a statement to Tadawul.
Dar Al Arkan said that the maturity period is over a period of five years at a profit rate of 8 percent annually.
The issuance order book reached US$1.64 billion (SAR 6.15 billion).