(MENAFN) Saudi developer Dar Al Arkan Real Estate Company said it is set to repay a USD1 billion Islamic bond (sukuk) in its due time on July 16, Reuters reported.
Earlier this month, the largest property developer in Saudi Arabia said that it would use cash and proceeds from land sales to redeem the bond.
The company's floating rate sukuk was bid close to par, as it came closer to maturity.
Dar Al Arkan reported an 11 percent increase in second quarter profits compared to a year earlier, on higher property sales, resulting in 9.2 percent increase in first half profits to USD166.26 million.
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