Complex Made Simple

AlKhair Capital successfully manages last listings of Dar Al Arkan Sukuk

AlKhair Capital Dubai, has successfully managed the last listing of Sukuk by the top Saudi property developer Dar Al Arkan Real Estate & Development Company.

AlKhair Capital Dubai was the financial advisor for the Sukuk listings program on Nasdaq Dubai, with a total value of $1.15bn.

The Sukuk program, in US dollars, included a $400m, listing – the third tranche which was issued last month and orders opened on May 20, 2014. The earlier listings included $300m sukuk issued in November 2013 and a $450m sukuk issued in May 2013.

The value of the orders was 2.3 oversubscribed the size of the tranche exporters. The third tranche was issued for five years and will mature on May 28, 2019 at a coupon rate of 6.50%.

“We are excited about the overwhelming response to the Sukuk listings for Dar Al Arkan from regional and international investors. The company’s fundamentals are strong and the market has responded positively to the Sukuk offering. This is yet another testimony to the strengths of our business at AlKhair Capital and our relentless pursuit to exceed the expectations of our partners and clients,” said Khalid Al Mulhim –CEO of Al Khair Capital.

He added, “The burgeoning demand for Sukuk instruments, especially in Dubai, is an encouraging sign of the market demand and irrespective potential. We are confident that AlKhair Capital will be able to add value to the industry as a whole with our expertise and specific knowhow in this field.”

AlKhair Capital announced the opening of its branch at the Dubai International Financial Centre ‘DIFC’ in April this year, following the official approval and licence from the Dubai Financial Services Authority ‘DFSA’. The company thus became the first Saudi investment company registered and licensed by the Capital Market Authority in Saudi Arabia to receive a DFSA license to operate in DIFC.

AlKhair Capital Saudi Arabia, which commenced operations in the KSA in August 2008, seeks to provide the market with an integrated and comprehensive range of Sharia-compliant investment products and services, with an emphasis on delivering exceptional value and tailored solutions to clients and shareholders.