Dar Al-Arkan Issues $500 Million in Islamic Bonds

Dar Al-Arkan Real Estate Development Company “Dar Al-Arkan” announced that it has paid in full one Islamic Sukuk in the amount of US $500 million (the fifth tranche, ISIN number XS1794398831).

The company said in a statement on “Tadawul Saudi Arabia” today, Tuesday, that the total number of sukuk redeemed is 500,000 and the redemption rate of the total issue is 100%.

He explained that the release date is March 21, 2018.

He added that the deposit date of the amounts in the sukuk holders’ accounts is today, Tuesday, March 21, 2023, through Deutsche Bank (the paying agent and the sukuk holders’ agent).

He indicated that the financial impact of this process will appear on the first quarter results of the current fiscal year 2023.

He claimed that he used his own internal resources to pay the sukuk on the due date and transfer the sukuk amount to the designated account.

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