Nasdaq Dubai said it has welcomed the latest listing of $600 million sukuk by leading Saudi residential property developer Dar Al Arkan. 

 

This issuance by Dar Al Arkan will be under the $2.5 billion Trust Certificate Issuance Programme and is scheduled to mature in 2029.

 

With this latest listing, the Saudi group's listed securities on Nasdaq Dubai add up to four sukuks, amounting to a total value of $2 billion.

 

"We are elated to celebrate our $600 million sukuk listing on Nasdaq Dubai. This marks our 13th issuance and 9th under the programme, a testament to our investors' unwavering support. Our gratitude to all who collaborated in achieving this remarkable success," said Andy Raheja, the CEO of Dar Al Arkan.

 

"Trust in Dar Al-Arkan reflects our commitment to excellence, strengthening our position as Saudi Arabia's leading residential property developer. With Nasdaq Dubai's support, we're confident in achieving our financial objectives and advancing the financial landscape," stated Raheja. 

 

Welcoming the sukuk listing, Hamed Ali, the CEO of both DFM and Nasdaq Dubai, said: "We extend our heartfelt congratulations to Dar Al-Arkan on their new program and upcoming drawdown. As the international financial exchange in the Middle East, Nasdaq Dubai is unwavering in its dedication to fostering growth and providing a transparent, efficient marketplace for issuers like Dar Al Arkan."

 

"We remain steadfast in our mission to facilitate access to regional and global investors, empowering companies to raise capital and achieve their financial objectives," he added.

 

With this latest listing, the total value of sukuks listed in Dubai reached $79 billion, with $76 billion listed on Nasdaq Dubai alone. Nasdaq Dubai's continued growth as a leading platform for sukuk listings underscores its paramount significance in the global financial marketplace.-TradeArabia News Service