DUBAI — Dar Al Arkan Real Estate Development Company (DAAR), a Saudi Arabian property developer, yesterday listed a $600 million sukuk on the Dubai International Financial Exchange (DIFX).
It is the first sukuk from a Saudi issuer to list on the DIFX. It brings the number of sukuk on the DIFX to six with a total value of $8.98 billion, underlining the exchanges's stature as the biggest in the world for sukuk by listed value.
The sukuk is the first to be issued by a Saudi company in the international capital markets. It is listed solely on the DIFX and was sold to investors in europe, southeast Asia and the Middle East after being oversubscribed.