DUBAI – Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, rang the market opening bell to celebrate three listings from its sukuk program with a total value of $1.15 billion (AED4.22 billion) on Nasdaq Dubai. The listings by the prominent Saudi property developer raise the value of sukuk listed in Dubai to $22.23 billion (AEDs81.58 billion), adding further momentum to Dubai's growth as the global Capital of the Islamic Economy. Dubai is the world's third largest venue for sukuk listings by value. The bell ceremony took place in the presence of Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre (DIEDC), as well as other senior executives of DIEDC, Dar Al Arkan Development Company, Nasdaq Dubai and Dubai Financial Market (DFM). The three listings took place on May 28, 2014. They comprise a $400 million (AED1.47 billion) sukuk which was issued earlier in the month, as well as a $300 million (AED1.1 billion) sukuk which was issued in November 2013 and a $450 million (AED1.65 billion) Sukuk issued in May 2013. Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, said “listing our sukuk on Nasdaq Dubai, which is considered the region's international exchange, offers us expanded visibility and connectivity with the investor community. The issuance has enabled us to raise the necessary capital for growth and expansion, confirming the positive reputation that Dar Al Arkan enjoys among investors, supported by a wide variety of leading commercial and residential real estate projects in Saudi Arabia. The sukuk proceeds will be used for new and existing projects as well as acquisitions in Saudi Arabia.” Al Gergawi said “these listings by a major company within the GCC represents a further step in Dubai's growth as the global Capital of Islamic Economy under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.” – Agencies
