Nasdaq Dubai welcomes listing of Dar Al-Arkan
Yousef Bin Abdullah Al-Shelash, Chairman of Saudi Arabia’s Dar Al-Arkan Real Estate Development Company, today rang the market opening bell to celebrate the listing of a 500 million US Dollar Sukuk on Nasdaq Dubai.
The listing provides strong support for Dar Al-Arkan’s capital-raising strategy as it prepares for further property development activities across Saudi Arabia, including commercial real estate and integrated residential communities.
The Sukuk was two times oversubscribed and received significant interest from international as well as regional market participants. It brings the total value of Dar Al-Arkan’s Sukuk currently listed on Nasdaq Dubai to 1.35 billion USD, including two listings in May 2014 that totalled 850 million US Dollars.
The bell ceremony took place in the presence of Essa Kazim, Governor of Dubai International Financial Centre, Secretary-General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market, and senior representatives of Dar Al Arkan, along with Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai.
Commenting on the announcement, Mr. Kazim said, “This listing from a prominent Riyadh-based real estate developer further strengthens the close capital markets ties between the UAE and Saudi Arabia, which benefit economic development in the GCC. Dar Al-Arkan’s choice of Dubai as a listing venue also represents a further step in Dubai’s growth as the global Capital of Islamic Economy under the initiative launched in 2013 by Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.”
Mr. Al-Shelash said, “The substantial demand shown for our latest Sukuk underlines the confidence that investors have in our company and its plans for further development in commercial and residential projects. Our listing on Nasdaq Dubai, the international exchange based in our own region, provides us with excellent visibility to investors across the Middle East and around the world as well as a respected listing environment regulated to international standards.”