24 Jun 2010
(MENAFN) Dar Al-Arkan, Saudi Arabia?s biggest real estate developer by market value, said that it has signed a profit rate swap agreement to lower the costs of Islamic bonds, or Sukuk, worth $450 million, Reuters reported.
In February, the firm sold the Sukuk, priced at 10.75 percent, as part of efforts to fund its expansion, in the middle of a months-long freeze in Gulf Arab fixed-income markets which was sparked by Dubai?s debt woes.
The developer had immediate refinancing needs with an earlier $600 million Sukuk maturing in March and therefore could not postpone its February issuance. Many companies in the region have postponed issuances and have faced higher financing costs as a result.
To lower the costs, Dar Al-Arkan said it had signed a swap agreement, compliant with Islamic law, to cover 50 percent of the Sukuk, or $225 million, it said in a statement to the Saudi bourse.
17 Sep 2025
BBK and CrediMax launch exclusive offers for customers in collaboration with The Ritz-Carlton, Bahrain
31 Aug 2025
BBK announces an exceptional 6-month grace period financing campaign for Personal and Car Finance customers
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more