RIYADH: Bahrain-based GFH Financial Group, previously known as Gulf Finance House, has acted as joint lead manager on Saudi developer Dar Al-Arkan’s $400 million sukuk issuance. Marking the 12th market issuance for the Saudi developer to date, the sale of the three-year bond took place on June 30, and was met with strong demand from investors, according to a statement. Proceeds from the bond will be used to support the firm"s development goals and pipeline of projects. Listed on the Saudi Stock Exchange, Dar Al-Arkan has a portfolio of assets valued at over $8.5 billion, with projects located across the Kingdom and international markets including Dubai and Sarajevo.