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Saudi Arabia’s Dar Al-Arkan lists $400m sukuk on Nasdaq Dubai

Saudi Arabia’s Dar Al-Arkan lists $400m sukuk on Nasdaq Dubai

It raises Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai to $2bn

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On Wednesday, Nasdaq Dubai confirmed the listing of a $400m sukuk by Saudi Arabian property development company Dar Al-Arkan.

Dar Al-Arkan reportedly has sold the $400m seven-year sukuk at 7 per cent.

The latest listing raises Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai to $2bn, following the listing of a $600m sukuk in October 2019 and listings of two other sukuk of $500 million each in 2017 and 2018.

It had reportedly hired Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners

On Tuesday, Jassim Alseddiqi, chairman of GFH Financial Group rang the market opening bell at Nasdaq Dubai to celebrate the listing of the five-year $300m sukuk that was oversubscribed 2.5 times with a total book size exceeding $750m.

Read: Bahrain’s GFH Financial Group lists $300m sukuk on Nasdaq Dubai

Dubai’s sukuk listings by value now totals $66.355bn, with UAE issuers account for approximately 47 per cent of these by value and the remaining from issuers based in other countries.

Nasdaq Dubai’s sukuk market reportedly attracted a value of $14.15bn of new listings in 2019.

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