Nasdaq Dubai welcomes Dar Al-Arkan's listing of $600mn sukuk

Nasdaq Dubai welcomes Dar Al-Arkan's listing of $600mn sukuk

DUBAI, 27th July, 2023 (WAM) -- Nasdaq Dubai welcomed the latest listing of US$600 million sukuk by Dar Al-Arkan Sukuk Company Ltd, the leading and largest publicly listed Saudi Arabian residential property developer. This issuance by Dar Al-Arkan will be under the US$2.5 billion Trust Certificate Issuance Programme and is scheduled to mature in 2029.

With this latest listing, Dar Al-Arkan's listed securities on Nasdaq Dubai add up to four sukuks, amounting to a total value of US$2 billion.

“We are elated to celebrate our US$600 million sukuk listing on Nasdaq Dubai. This marks our 13th issuance and 9th under the programme, a testament to our investors' unwavering support. Our gratitude to all who collaborated in achieving this remarkable success. Trust in Dar Al-Arkan reflects our commitment to excellence, strengthening our position as Saudi Arabia's leading residential property developer. With Nasdaq Dubai's support, we're confident in achieving our financial objectives and advancing the financial landscape,” said Andy Raheja, CEO of Dar Al-Arkan.

"We extend our heartfelt congratulations to Dar Al-Arkan on their new program and upcoming drawdown," said Hamed Ali, CEO of DFM and Nasdaq Dubai. "As the international financial exchange in the Middle East, Nasdaq Dubai is unwavering in its dedication to fostering growth and providing a transparent, efficient marketplace for issuers like Dar Al-Arkan. We remain steadfast in our mission to facilitate access to regional and global investors, empowering companies to raise capital and achieve their financial objectives."

With this latest listing, the total value of sukuks listed in Dubai reached US$79 billion, with US$76 billion listed on Nasdaq Dubai alone. Nasdaq Dubai's continued growth as a leading platform for sukuk listings underscores its paramount significance in the global financial marketplace.