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FINANCIAL NEWS
Saudi Dar Al Arkan to pay off USD1.3b in 2012
19 Feb 2012
(MENAFN) Saudi Arabia’s second largest developer by market value Dar Al Arkan Real Estate Development Co. is considering paying off USD1.3 billion of debt this year, helped by land sales rise, Bloomberg reported.
CFO Andy Raheja said Dar Al Arkan, which holds about 35 million square meters of land mainly in Riyadh and Jeddah, hopes to continue making about USD213.3 million every quarter from land sales.
Rajeha reiterated that the company won’t acquire any more lands, won’t launch any new mega projects and won’t pay dividends until enough money is put aside to cover the upcoming debt payments.
Dar Al Arkan has a USD106.6 million loan due in the second quarter and may have a capital expenditure of about USD66.6 million, Raheja said.
Raheja unveiled negotiating with lenders a USD186.6 million Islamic financing facility, backed by its Qasr Mall, which will be operational in the first half.
The developer is also talking with banks to finance construction of 500 villas in the Shams Ar Riyadh project, he added.
The company’s cash reserves rose to USD666.4 million at the end of last year from USD399.8 million at the start of the year, Raheja said.
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