Saudi Dar Al-Arkan seeks investors ahead of sukuk offering

Above, a scaled version of Dar Al-Arkan’s Shams Ar Riyadh project on display during a property show in Riyadh last year. (Dar Al-Arkan Real Estate Development)
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Updated 17 February 2020

Saudi Dar Al-Arkan seeks investors ahead of sukuk offering

  • Saudi property firm mandates banks to arrange meetings with fixed-income investors
  • Plans for seven-year, US dollar fixed-rate benchmark senior unsecured sukuk offering

DUBAI: Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. has mandated banks to arrange meetings with fixed-income investors from Monday in the United Arab Emirates and London ahead of a planned 7-year sukuk issuance, a lead manager said.
The Saudi company has hired Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners, the lead manager said.
A seven-year, US dollar fixed-rate benchmark senior unsecured sukuk offering will follow, subject to market conditions, it said.


Abu Dhabi fund suspends debt service repayments for countries, companies

Updated 23 min 55 sec ago

Abu Dhabi fund suspends debt service repayments for countries, companies

  • Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31

DUBAI: Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday.
The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia.
Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31, the fund said in a statement.
It did not say which countries or companies would benefit or what the criteria would need to be met to be eligible.
“At a time when the world is reeling under the effect of the pandemic ... it is imperative for us to support particularly those that need it most, especially the low-income countries,” the fund’s director general Mohammed Saif Al-Suwaidi said.