Dar Al-Arkan Real Estate Development Co. has successfully closed the fourth tranche of its dollar-denominated international sukuk program, raising $500 million, the developer said in a statement to Saudi bourse, Tadawul.

 

The five-year sukuk will mature on April 10, 2022, with an annual profit rate of 6.875 percent.

 

The sukuk issue received an overwhelming turnout, with $1.05 billion worth of orders.

 

Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank and QInvest were appointed as the joint book runners to manage the real estate developer’s sukuk issue, according to earlier news reports.

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