Saudi Arabia-headquartered real estate developer, Dar Al-Arkan, has listed a $500m sukuk on Nasdaq Dubai.
The listing, which forms part of Dar Al-Arkan’s strategy to strengthen access to capital markets, brings the company’s listed total on the exchange to $1.35bn.
It follows two Nasdaq Dubai listings from Dar Al-Arkan in May 2014, which totalled $850m.
The developer stated that the move would pave the way for further property development activities across Saudi Arabia, in markets such as commercial real estate and integrated residential communities.
Yousef Bin Abdullah Al-Shelash, chairman of Dar Al-ArkanReal Estate Development Company, said: “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.”
The sukuk was two times oversubscribed, and received significant interest from both international and regional market participants, according to the developer.
Dar Al-Arkan’s Al-Shelash rang Nasdaq Dubai’s opening bell to celebrate the listing. The ceremony took place in the presence of HE 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).
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, Hamed Ali, chief executive of Nasdaq Dubai, and other representatives from Dar Al-Arkan were also in attendance.
HE Kazim said: “This listing from a prominent Riyadh-based real estate developer further strengthens the close capital market 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 $53.81bn, the highest amount of any listing venue in the world.
Originally published on www.constructionweekonline.com