A banking document revealed today, Thursday, that "Dar Al Arkan Real Estate Development Company" in Saudi Arabia has appointed banks to arrange for a planned sale of dollar-denominated sukuk. The document issued by one of the banks arranging the issuance indicated that there will be a priority, unsecured sukuk offering of a benchmark size, maturing in February 2029, subject to market conditions. The arrangement and book management for the issuance will be handled by Abu Dhabi Commercial Bank, Al Khair Capital, Al Rayyan Investment, Dubai Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq Bank, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank. Issuers in the UAE have resumed bond sales this week after a quiet period. This follows the sale by Shoba Realty of a sukuk valued at $300 million on Monday, marking the first bond sale announced in the Gulf since Dubai Commercial Bank issued $500 million in green bonds over a month ago.
Dar Al Arkan Plans to Issue Dollar Sukuk
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