Acquire
Skip to main content
whatsapp
circle
chat
call
  • How would you like to contact us?
  • Register your interest
  • Call Us Now
  • Online Chat
  • Close

Main navigation

  • About Dar Al Arkan
    • Who We Are
    • Awards & Achievements
    • History
    • Investor Relations
    • Chairman’s Message
  • Projects
    • Projects in Jeddah
    • Projects in Mecca
    • Projects in Medina
    • Projects in Riyadh
    • Projects in Bosnia
  • Offers
  • Media
    • Press Releases
    • Blogs
    • Image Gallery
    • Video Gallery
  • Interactive Tours
  • Ebooking
  • English
  • عربي

Dar Al Arkan to redeem 2019 Sukuk from internal cash reserves

Sun, 21 Apr 2019

Dar Al Arkan Real Estate Development Company, the leading and largest publicly listed Saudi developer, announce today their intention to redeem the US$ 400 million (SAR 1.5 billion) 2019 Sukuk, due to mature on May 28th 2019, and listed on Irish Stock Exchange & NASDAQ Dubai, out of the company’s internal cash reserves.

Furthermore, they declare that Dar Al Arkan Real Estate Development Company has no imminent plans and is not in discussions with advisors to issue new Sukuks at this time.

Mr. Andy Raheja, CFO of Dar Al Arkan Real Estate Development Company, commented: “Dar Al Arkan, is in an enviable liquidity position at present, with Cash and Cash equivalents near SAR 5 billion, we plan to redeem the coming 2019 redemption out of cash reserves. Given the health of the business and our strong free cash flow conversion expectations, we see no immediate need to issue any new Sukuks for the foreseeable future”.

The US$ 400 million (SAR 1.5 billion) Sukuk was issued on May 27th 2014, maturing on May 28th 2019 and was the seventh such issue by Dar Al Arkan Real Estate Development Company. Over the last decade, Dar Al Arkan has issued nine International Sukuks and post redemption of 2019 Sukuk and DAR will continue to have US$ 1 billion (SAR 3.75 billion) of Sukuks, divided equally over the 2022 and 2023 maturities.

“We see our decision to pay down debt from cash reserves as a sign of confidence in our current strategy and belief in our ability to meet our commitments through operating cash flows. We are very proud of our relationship with global debt capital markets, and we expect our debt investors to see this redemption positively. We take this opportunity to thank them for their continued trust and support to the Company, its board and its management”; said CFO Andy Raheja.

Get in touch with us!

Dar Al Arkan
Real estate investments to enrich life today and reward you tomorrow
(+971) 800 40404
(+966) 53 002 2710
  • About Dar Al Arkan
  • Ebooking
  • Pay Online
  • Investor Relations
  • Customer Care
  • FAQs
  • Contact Us
  • Qasr Mall
  • Properties in Jeddah
  • Properties in Mecca
  • Properties in Medina
  • Properties in Riyadh
  • Projects in Bosnia
Subscribe & receive our special offers
Terms    |    Privacy Policy
This notice is to confirm that Dar Al Arkan Real Estate Development is the legal owner of the copyrighted commercial name "Dar Al Arkan (DAAR)" as registered at the official certificate no#1437025479 issued by Ministry of Commerce and Investment, in the Kingdom of Saudi Arabia. Dar Al Arkan official website addresses are: daralarkan.com, alarkan.com or alarkan.email. Dar Al Arkan has no other websites. The official Social Media channels are: https://www.linkedin.com/company/daralarkan, https://facebook.com/daralarkan, https://instagram.com/DarAlArkanProp, https://t.me/Dar_AlArkan, https://youtube.com/DarAlArkanDev or https://twitter.com/DarAlArkan. WhatsApp Numbers: +966 53 002 271, +966 55 600 1139 or +966 50 333 4301. Phone Numbers: 800 123 3333, 800 301 0033, +966 55 200 6556 or +971 800 40404. In the event you received an unsolicited suspicious email from a website that appears to be similar to DAAR’s website, please contact us on: media@alarkan.com
© 2021 Dar Al Arkan. All rights reserved.
X

Register your interest