Yousef Bin Abdullah Al-Shelash, Chairman of Dar Al Arkan Real Estate Development Company, today rang the market opening bell to celebrate the listing of a 500 million US dollar Sukukon Nasdaq Dubai, the region’s international exchange.
The listing provides strong support for Dar Al Arkan’s capital-raising strategy as it prepares for further property development activities across Saudi Arabia, including commercial real estate and integrated residential communities.
The Sukuk was two times oversubscribed and received significant interest from international as well as regional market participants. It brings the total value of Dar Al Arkan’sSukuk currently listed on Nasdaq Dubai to 1.35 billion USD dollars, including two listings in May 2014 that totaled 850 million US dollars.
The bell ceremony took place in the presenceof His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Dar Al Arkan, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai.
Yousef Bin Abdullah Al-Shelash, Chairman of Dar Al Arkan Real Estate Development Company, said:“The substantial demand shown for our latest Sukuk underlines the confidence that investors have in our company and its plans for further development in commercial and residential projects. Our listing on Nasdaq Dubai, the international exchange based in our own region, provides us with excellent visibility to investors across the Middle East and around the world as well as a respected listing environment regulated to international standards.”
His Excellency Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: “This listing from a prominent Riyadh-based real estate developer further strengthens the close capital markets ties between the UAE and Saudi Arabia, which benefit economic development in the GCC. Dar Al Arkan’schoice of Dubai as a listing venue also represents a further step in Dubai’s growth as the global Capital of Islamic Economy under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.”
Dubai’s Sukuk listings have now reached a total nominal value of 53.81 billion US dollars, the highest amount of any listing venue in the world.
Abdul Wahed Al Fahim, Chairman of NasdaqDubai, said: “As Dubai strengthensits role as the global centre for Sukuk in terms of advisory knowhow and depth of professional expertise, as well as listings, the exchange will reinforce its role as a focal point for Sharia’a-compliant capital-raising. We will maintain our strategy of attracting high quality issuers of Sukukand other Islamic asset classes as well as promoting best practices in Islamic markets.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “With high quality commercial and residential property projects in Riyadh, Jeddah, Dammam and across Saudi Arabia, Dar Al Arkanis one of the most prominent names in property development in the MENA region. We are delighted to provide support for the company’s capital markets initiatives and look forward to further strengthening our relationship with Dar Al Arkan and the investors in its Sukuk through our post-listing relationship, including global visibility and regulatory excellence.”
Dar Al Arkan’s 500 million US dollar Sukuk listed on Nasdaq Dubai on April 17, 2017.