Manama (Union)
GFH Financial Group acted as joint lead manager, along with other parties, for the pricing and issuance of USD 400 million sukuk by Dar Al Arkan, one of the largest real estate developers in the Kingdom of Saudi Arabia.
The 3-year sukuk was sold on June 30, 2022 and has been in great demand by regional and international investors, and this is the 12th issue in the market for the company so far.
It is worth noting that Dar Al-Arkan, which is listed on Tadawul, is the largest Saudi developer by market capitalization and has a portfolio of assets valued at more than $8.5 billion.
Proceeds from the issuance will be used to support the company’s development goals and its portfolio of projects globally. Salim Patel, Head of Investments, Debt and Capital Markets at GFH Financial Group, said: “We are pleased to serve as joint lead manager for another successful issuance by Dar Al Arkan. We have played a pivotal role in consolidating the sukuk, making this transaction reflective of GFH’s strong capital market capabilities and our ability to pioneer important transactions to support our clients’ aspirations and achieve growth. We will continue to enhance and expand our capital markets and advisory services to further support our clients.”
Andy Raheja, CEO of Dar Al Arkan added: “GFH has been an important regional supporter and has provided invaluable support in helping us execute this successful transaction despite challenging market conditions. We would like to take this opportunity to thank the GFH team for their pivotal role and wish the group every success now and in the future.”
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