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FINANCIAL NEWS
Saudi Dar Al Arkan set to repay USD1b sukuk due in July
15 Jul 2012
(MENAFN) Saudi developer Dar al-Arkan Real Estate Co said it is set to repay USD1 billion sukuk due this month, Reuters reported.
The largest developer in Saudi Arabia said in a bourse statement the total principal sum to its paying agent, and the sukuk account holders will receive the funds.
The company said earlier that it would use cash and proceeds from land sales to repay the bond.
Dar al-Arkan has raised a total of USD2.2 billion from issuing three international sukuks and one domestic in the past five years, the company said.
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