Saudi property developer Dar Alarkan hires banks for possible 5-year USD sukuk

Saudi Arabia’s Dar Alarkan Real Estate Development Co. has hired banks to arrange investor meetings for a possible USD sukuk.

The developer said in an exchange filing on Wednesday the meetings will be held in the Middle East, London, Singapore and Hong Kong from October 3.

The company said a 5-year Regulation S US$ fixed rate benchmark senior unsecured sukuk will follow subject to market conditions.

Dar Alarkan has hired Alkhari Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners.

In April this year Dar Alarkan redeemed a $400 million sukuk from internal cash reserves. The sukuk, issued in 2014, was due to expire on May 28, 2019. 

It currently has an outstanding sukuk value of $1 billion, divided over 2022 and 2023 maturities.

Dar Alarkan is largely a residential property developer. 

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