Riyadh – Mubasher: Dar Alarkan Real Estate Development Company is planning to embark on new projects by 2020, chairman Youssef Al Shelash told CNBC Arabiya.
The decline in interest rates in Saudi Arabia has supported the company’s decision to seek finance, the top official added, noting that issuing a USD-dominated sukuk will enable the company to develop its projects.
Dar Alarkan announced its intention to issue five-year Regulation S US fixed-rate benchmark senior unsecured sukuk, based on the board meeting held on 10 September 2019 corresponding to 11/1/1441 H.
The sukuk offering amount shall be subject to market conditions, Dar Alarkan said in a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.
