Saudi Dar Al-Arkan seeks investors ahead of sukuk offering

DUBAI: Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. has mandated banks to arrange meetings with fixed-income investors from Monday in the United Arab Emirates and London ahead of a planned 7-year sukuk issuance, a lead manager said.
The Saudi company has hired Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners, the lead manager said.
A seven-year, US dollar fixed-rate benchmark senior unsecured sukuk offering will follow, subject to market conditions, it said.