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FINANCIAL NEWS
Saudi Dar Al Arkan able to repay USD1b sukuk
08 Mar 2012
(MENAFN) Saudi Dar Al Arkan’s CFO, Andy Raheja, said that the firm would repay a USD1 billion Islamic bond due this year, rpeoretd Arabian Business.
Raheja added that the Saudi firm wouldn’t need a financial aid form the governemnt.
He also said that the country’s largest property developer would use available cash and proceeds from land sales to repay the sukuk, which is maturing in July.
It is worth noting that Dar Al Arkan is in talks with lenders to refinance a USD190 million loan facility with an asset-backed Islamic facility using its Al Qasr Mall in Riyadh as collateral.
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