DUBAI — Dar Al Arkan Real Estate Development Company (DAAR), a leading residential real estate developer in the Kingdom of Saudi Arabia, has mandated ABC Islamic Bank (E.C.), Arab National Bank, Standard Bank Plc, Unicorn Investment Bank B.S.C. and WestLB AG, London Branch, (together the Joint lead managers), to arrange a landmark three-year $425 million sukuk Al Ijara issue (the DAAR Sukuk) on behalf of the company.
The DAAR sukuk is fully underwritten by the joint lead managers, who are also the Joint Bookrunners for the transaction. Unicorn Investment Bank is structuring agent and Shariah adviser.
The DAAR Sukuk marks the first international sukuk issue for a Saudi corporate to date. Based on an Ijara structure, the Sukuk offers investors a tradable Sharia-compliant investment instrument. The Sukuk structure has been approved by the Shariah Board of Unicorn.