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Dar al-Arkan to repay $1bn on July 16

Saudi Arabia's Dar al-Arkan Real Estate Co has said it will repay a $1bn Islamic bond at maturity on July 16, Reuters has reported. The kingdom's largest property developer had said earlier that it would use cash and proceeds from land sales to repay the bond. "Dar has taken all the steps for redemption through the principal paying agent," the developer said.