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Saudi developer Dar Al Arkan plans dollar sukuk

Dar Al Arkan Saudi sukuk Reuters/Dado Ruvic
The proposed issuance includes five-year and 10-year tranches

Saudi Arabia’s Dar Al Arkan Real Estate Development Co has hired banks to arrange a planned sale of US dollar-denominated Islamic bonds, a bank document showed.

The joint lead managers and bookrunners were due to hold fixed-income investor calls and meetings from Thursday.

A benchmark-sized sale of senior unsecured sukuk maturing in February 2029 will follow, subject to market conditions, the document from one of the arranging banks showed.

The joint lead managers and bookrunners are Abu Dhabi Commercial Bank, Alkhair Capital, Al Rayan Investment, Commercial Bank of Dubai, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, Mashreq, Sharjah Islamic Bank, Standard Chartered and Warba Bank.

Issuers in neighbouring UAE restarted debt sales from the region this week after a lull.

Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank raised $1.25 billion combined from the sale of conventional and Islamic bonds on Tuesday.

They followed a $300 million sukuk sale on Monday by Dubai real estate developer Sobha Realty, the first public bond sale out of the Gulf since Commercial Bank of Dubai sold $500 million in green bonds more than a month ago.