Saudi developer Dar Al Arkan sells $600 mln in Islamic bonds

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Saudi Arabian real estate developer Dar Al Arkan is set to raise $600 million through an issuance of sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday.

The paper, which is due in 2025 and has attracted orders of more than $1.6 billion, offers investors a profit rate of 7 percent, according to the document, down from initial price guidance of 7.25 percent to 7.375 percent issued earlier on Wednesday.

AlKhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Nomura, Noor Bank, Standard Chartered Bank and Warba Bank have been hired to arrange the deal.

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