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Tuesday, 24 July 2007

Dar Al Arkan of Saudi Arabia Lists a $1 billion dollar Sukuk On Dubai International Financial Exchange (DIFX)

Dar Al Arkan Real Estate Development Company (Dar Al Arkan), a prominent Saudi Arabian property developer, today listed a $1 billion dollar Sukuk (Islamic bond) on the Dubai International Financial Exchange (DIFX).It is the second Sukuk to be issued by the company, following a $600 million Sukuk which also listed on the DIFX in May 2007. The value of the DIFX’s Sukuk listings is now $13.78 billion, or 48% by value of all Sukuk listed on exchanges worldwide.Abdullatif Al-Shalash, Managing Director of Dar Al Arkan, said: “Sukuk are a highly attractive asset class that appeal to investors worldwide who seek exposure to Saudi Arabian real estate through Dar Al Arkan’s activities. As the region’s international exchange with world class regulatory standards, the DIFX gives our Sukuk high visibility globally and in the region.” Like its first Sukuk, Dar Al Arkan’s second offering was sold to investors in Europe, southeast Asia and the Middle East. Per E. Larsson, Chief Executive of the DIFX, said: “More than 60 Sukuk have been issued globally this year, up from 50 in the same period of 2006, and we expect further listings as we expand our involvement with the sector. Dar Al Arkan is our first Saudi Arabian issuer and the first overseas company to list two Sukuk on the DIFX.”Dar Al Arkan’s latest Sukuk is based on an Ijara structure maturing in 2012. The issuer is Dar Al Arkan International Sukuk Company, which was specially created by Dar Al Arkan for the purpose. Its financial advisers were ABC Islamic Bank, Arab National Bank, Deutsche Bank, Dubai Islamic Bank, Kuwait Finance House (Malaysia) Berhad and Unicorn Investment Bank. Hamed Ali, Executive Officer of the DIFX, said: “Issuers are increasingly seeing the value of listing their Sukuk in order to underpin investor confidence in their securities. As the international exchange serving its region, the DIFX offers the ideal listing platform for regional and international issuers.”

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