DAAR completes repayment of Sukuk

Riyadh

Dar Al-Arkan Real-Estate Development Company (DAAR) announced that it has completed the repayment of its SAR 1.687 billion ($450 million) Sukuk (2018 series 1 mtn), due on Thursday 24 May 2018. The company noted that it brought back a part of the Sukuk amounting to SAR 381 million during 2017 and 2018, the remaining principal is SAR 1.306 billion. DAAR transferred the remaining principal and profit to the designated account and the Sukuk account holders will receive funds on 24 May 2018, according to Dar. “DAAR would like to thank its investor base, specifically all the Sukuk-holders who participated in this transaction, for repeatedly placing their trust in DAAR, its board, and its management,” it said in a statement.—Agencies

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