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Success for mall on Saudi sand



Dar Al Arkan Real Estate Development Co. (ALARKAN) is set to sell a US dollar sukuk, due 2019. 
This information comes from two people who have asked to remain anonymous as the information has not become public. The company’s May 2018 sukuk declined 107 basis points this year to 6.17%. JP Morgan showed rates on Middle East Islamic bonds to have fallen 50 basis points during the period to 4.14%.

Dar Al Arkan which is in the business of developing and selling land for others to erect buildings opened the biggest mall in Riyadh during 2012. It is reaping benefits as a 2011 plan to spend $130bn on social causes is set for implementation. Financial statements indicate that the company, which has a rating four levels under investment grade, owns in excess of $3.5bn of property, mostly in Jeddah and Riyadh.


The company issued $300m in 3-year notes in November, and $450m in 5-year notes a year ago. It repaid a $1bn sukuk in mid 2012. Its profits have declined steadily since 2009.

The company has outstanding debt of around $1.2bn. The company is asset rich and the land value is understated due to the historical price valuation.


More about shopping malls in the United Arab Emirates



YESTERDAY, USA:
Grocery giant Kroger has expanded a partnership agreement with the robotic firm Nuro, which will work to expand the autonomous delivery service.
DAY BEFORE YESTERDAY, USA:
Many millennials prefer to rent things rather than purchase. In the field of outdoor gear, such consumers are already more than a third.
Apr 18, 2019, United Kingdom:
An in-store cashback app that will provide retailers to force footfall by rewarding customers for spending in stores.
Apr 15, 2019, France:
The brand relies on pop-up stores and new men's clothing lines.
Apr 15, 2019, United Kingdom:
Iconic athleisure brand, Champion, is to open its first UK outlet store at Wembley Park’s London Designer Outlet.
Apr 11, 2019, Spain:
Winners of the most prestigious European retail property award were announced in Barcelona.
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