Dar Al-Arkan lists USD500mn sukuk on Nasdaq Dubai; to complete Dubai project by end-2021
Dar Al-Arkan Real Estate Development (Dar Al-Arkan) has announced listing USD500mn sukuk on Nasdaq Dubai. The five-year sukuk was more than two times oversubscribed and received significant interest from Middle Eastern, European and Asian investors, according to the company, which added that this brings Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai to USD1.85bn, following three other listings in 2014 and 2017. On a separate note, the company CEO Ziad El-Chaar said Dar Al-Arkan is planning to complete construction for the AED800mn “I love Florence” tower, the company’s first real estate project in Dubai, by end-2021.
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