Dar Al Arkan Real Estate has listed its USD600 million Islamic bond on Nasdaq Dubai bringing the company’s total Sukuk value listed on Nasdaq Dubai to USD1.6 billion, following the listings of two Sukuks of USD500 million each in 2017 and 2018. Dar Al-Arkan’s assets include about 12.4 million square meters of projects under development. The company has handed over 15,000 residential units in Saudi Arabia and holds a land bank with a book value of circa SAR17 billion (USD4.5 billion). The Sukuk was more than 2.5 times oversubscribed and received significant interest from Middle Eastern, European and Asian investors. Nasdaq Dubai stated that the issuance was Dar Al Arkan’s tenth issue since 2007 and the six tranches of its current USD2 billion program and it is due in February 2025 with a coupon rate of 6.75 percent. Yousef Bin Abdullah al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, said, “With over USD1.5 billion of subscriptions, our latest Sukuk issuance was very well received by the market. It is a testament to our strong relationship with the global debt capital markets and a big vote of confidence from investors in our stewardship of their capital. The funds raised provide us with the capital to dynamically invest in our business activities across Saudi Arabia as we see the market conditions improving and prepare for the next upcycle.” For his part, Essa Kazim, Governor of Dubai International Financial Market, Secretary-General of Dubai Islamic Economy Development Centre and Chairman of Dubai Financial Market, said, "Dar Al-Arkans new listing further strengthens the close Islamic capital markets ties between the UAE and Saudi Arabia, which greatly benefit issuers, investors and the wider economy. We will continue to develop our relationships with Shariaa-compliant entities across the GCC to underpin Dubais expansion as the global Capital of Islamic Economy," Kazim noted. Abdul Wahed al-Fahim, Chairman of Nasdaq Dubai, said, "We are delighted to deepen our relationship with one of the Middle Easts largest real estate developers and its diverse Sukuk investors. This listing underlines the increasing success of Nasdaq Dubais strategy of attracting high-quality issuers of Sukuk across a wide range of industry sectors."