Dar Al-Arkan seeks to issue US$ fixed rate senior unsecured sukuk

16/02/2020 Argaam

 

Dar Al-Arkan Real Estate Development Co. announced its intention to issue 7-year dollar-denominated fixed rate "RegS" Senior Unsecured Sukuk, it said in a bourse statement.

 

The move follows a board of directors' decision on Feb. 13, 2020 to issue the sukuk for general corporate purposes and the value to be determined in light of market conditions.

 

The developer has mandated Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq Bank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and book-runners to arrange fixed income investor meetings in the UAE and London, starting Feb. 17, 2020.

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