(MENAFN - Arab News) AlKhair Capital Dubai has claimed success in managing the last listing of sukuk by Saudi property developer Dar Al-Arkan Real Estate & Development Company.
AlKhair Capital Dubai was the financial adviser for the sukuk listings program on Nasdaq Dubai with a total value of 1.15 billion.
The sukuk program in dollars included a 400 million listing the third tranche which was issued last month and orders opened on May 20 2014. The earlier listings included 300 million sukuk issued in November 2013 and a 450 million sukuk issued in May 2013.
The third tranche was issued for five years and will mature on May 28 2019 at a coupon rate of 6.50 percent.
'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 ofring. 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 AlKhair 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 know-how 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 license 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.