Saudi Dar Al Arkan Real Estate Development Company Redeems USD 500 Million Islamic Sukuk

Saudi Arabia-based Dar Al Arkan Real Estate Development Company (DAAR) has announced that it has completely redeemed its USD 500 million Islamic Sukuk in a bourse statement made on the 11th of April 2022.

Why it Matters?

The company said that it had used its internal resources to pay the Sukuk on the due date, revealing that the impact of this transaction will be reflected on its financial statements in the second quarter of 2022.

Details

The Sukuk was issued on the 4th of April 2017 and on the redemption date, there were 500,000 Sukuk, and each was valued at USD 1000. Deutsche Bank acted as the paying agent and Sukuk holders' agent, responsible for the deposit and contact details. Established in 1994, DAAR is th...