Saudi Arabia’s Dar Al Arkan Real Estate talks $300 million five-year Sukuk to yield 7½% area

By Rebecca Melvin

New York, March 13 – Dar Al Arkan Real Estate Development Co. is talking its planned Sukuk, or Islamic bond, as a $300 million five-year offering to yield in the area of 7½%, according to a market source on Tuesday.

Goldman Sachs International, Deutsche Bank, Dubai Islamic Bank, Alkhair Capital, Emirates NBD, Nomura, Noor Bank and Standard Chartered are bookrunners for the deal, which was expected to price later Tuesday.

Dar Al Arkan, which has a $450 million Sukuk maturing in May, is a Saudi Arabian property development company.

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