ZAWYA: Saudi developer Dar Al Arkan mandates banks for USD sukuk issuance

About this update from Dar Al Arkan Real Estate Development Co.

Staff WriterDar Al Arkan Real Estate Development Co., Saudi Arabia’s largest listed developer, plans to issue US dollar-denominated, fixed-rate senior unsecured sukuk.The issuance, which will be structured in compliance with Shari’ah principles and offered under Regulation S, will be subject to market conditions.Dar Al Arkan has appointed Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rayan Investment, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners.The banks will arrange a series of fixed income investor calls starting on May 18, 2026, ahead of a potential benchmark sukuk offering in global markets.Proceeds from the planned issuance will be used for general corporate purposes.The developer, rated B1 by Moody’s, last tapped the debt market in June 2025 with a $750 million 5-year sukuk priced at 7.25%.(Writing by Brinda Darasha; editing by Seban Scaria)[email protected]: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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