Gulf: Saudi developer Dar Al Arkan Real Estate said yesterday that it has redeemed its inaugural $600 million sukuk, which was issued in March 2007, on schedule.
The three-year bond was the first sukuk to be issued by a Saudi firm in the international capital markets.
In January, Moody’s Investor Service assigned a Ba2 rating to Dar Al Arkan, the largest developer in Saudi Arabia by market value.
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