Saudi Arabia’s Dar Al Arkan Plans to Issue Islamic Bonds in US Dollars
Saudi Arabia’s Dar Al Arkan Real Estate Development plans to issue Islamic-compliant bonds (Sukuk) in US dollars at a fixed interest rate, according to a regulatory filing on Tuesday.
Investor Calls
Dar Al-Arkan, a Saudi real estate company, has asked 14 banks to help arrange calls with fixed-income investors starting Tuesday. This information was shared in a filing with the Saudi Stock Exchange.
The banks involved are:
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Abu Dhabi Commercial Bank
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Abu Dhabi Islamic Bank
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Alkhair Capital
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Al Rayan Investment
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Arqaam Capital
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Bank ABC
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Dubai Islamic Bank
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Emirates NBD Capital
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First Abu Dhabi Bank
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J.P. Morgan
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Mashreq
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Sharjah Islamic Bank
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Standard Chartered Bank
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Warba Bank
The company said it plans to raise funds for general business use. The final amount they will raise depends on market conditions.
After the investor calls, Dar Al-Arkan plans to launch a sukuk (Islamic bond) offering in international markets, following all the rules and market conditions.
Global Sukuk Market
The global sukuk market is expected to do well in 2025. S&P Global said in January that total sukuk issuances may reach between $190 billion and $200 billion.
S&P also expects that sukuk issued in foreign currencies will add another $70 billion to $80 billion to this total.
Background on Dar Al-Arkan
Dar Al-Arkan was founded in 1994 and operates in Saudi Arabia, the UAE, Oman, Qatar, the UK, Spain, and Bosnia and Herzegovina.
By 2024, the value of its investment and development properties reached $5.9 billion. The company also bought land worth $640 million as part of its growth plans.
In February 2025, it purchased a large piece of land called Orchid Land in Jeddah, covering one million square meters, for $1.2 billion. This deal was done in partnership with other investors.
Published: 25th June 2025
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