GFH acts as joint lead manager on Dar Al Arkan’s US$400 m sukuk

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group yesterday 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, a leading real estate development company in Saudi Arabia.

The sale of the three-year Sukuk, which took place on 30th June 2022 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. 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.”

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. 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.”