Dar Al-Arkan Real Estate sets banks, roadshow for seven-year sukuk

By Rebecca Melvin

New York, Feb. 18 – Dar Al-Arkan Real Estate Development Co. has selected banks and scheduled fixed-income investor meetings regarding a dollar-denominated offering of seven-year Islamic bonds, or sukuk, according to a market source.

Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank have been selected as joint lead managers and bookrunners to organize the meetings for the Regulation S deal.

The meetings are being held in the United Arab Emirates and London and conclude on Tuesday.

The issuer is a Saudi Arabia-based property developer.

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