GFH Acts as Join Lead Manager on Dar Al Arkan’s $400 Million Sukuk
GFH Financial Group ("GFH or the Group") today announced that it has acted as Joint Lead Manager, alongside other parties, on the pricing and issuance of a US$400 million Sukuk by Dar Al Arkan ("the Company"), a leading real estate development company in Saudi Arabia. The sale of the three-year Sukuk, which took place on 30th June 2022, was met with strong demand from regional and international investors and marks the 12th market issuance for the Company to date.
Dar Al Arkan, which is listed on Tadawul, is the largest Saudi developer by market value and has a portfolio of assets valued at more than US$8.5 billion. Its iconic projects are located across the Kingdom and in international market including Dubai and Sarajevo. Proceeds from the issuance will be used to further support the Company's development goals and pipeline of world-class projects.
Commenting, Mr. Salem Patel, Chief Investment Officer, Debt and Capital Markets at GFH, said, "We are pleased to act as a key JLM on another successful issuance by Dar Al Arkan. Having played a central role in syndicating the Sukuk, the transaction demonstrates GFH's strong capital market capabilities and our ability to lead on important transactions to support our clients' aspirations and growth. We will continue to strengthen and expand our capital markets and advisory services to further support our clients."
GFH has acted as an arranger or advisor on nearly USD 1.5bn dollars of Sukuk issuances since the start of 2022, including Infracorp’s perpetual Sukuk, the first green Sukuk issuance by a Bahrain corporate.
Mr. Andy Raheja, Chief Executive Officer of Dar Al Arkan, added, “GFH was a key regional anchor and their support was invaluable in helping to successfully execute this trade despite challenging market conditions. We would like to take this opportunity to thank the team in GFH for their pivotal role and wish the Group all success in their DCM journey.”
GFH Financial Group
GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.