Saudi developer Dar Alarkan redeems $500m Islamic sukuk

RIYADH: Dar Alarkan Real Estate Development Co. has completely redeemed its $500 million Islamic sukuk, the company announced in a bourse statement. 

The company — one of the leading property developers in Saudi Arabia — said that the impact of this transaction will be reflected on its financial statements in the second quarter.

In the statement, it revealed that it used its internal resources to pay the sukuk on the due date. 

On the redemption date, there were 5,00,000 sukuk, and each was valued at $1000.