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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



Dec 5, 2018, Japan:
The project is being developed in partnership with the Japanese video game manufacturer Bandai Namco Amusement.
Nov 29, 2018, Finland:
Among the tenants of Zsar Outlet Village are the stores of Hugo Boss, Lindt, Liu Jo, Guess, Roberto Cavalli, Braccialini and other brands.
Nov 27, 2018, France:
Located less than an hour from the center of Paris, Designer Outlet Normandie set to become a key attraction for international tourists.
Nov 21, 2018, Philippines:
The grand-scale store of the Swedish furniture giant released as tenant of Mall of Asia in Manila.
Nov 14, 2018, France:
Growing demand for destination shopping underpins McArthurGlen’s €1 billion development pipeline.
Nov 8, 2018, Poland:
One of the last large commercial plots in the city is being built as part of a mixed-use facility.
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Optimum Outlet GLA:421 127 SF
ADDRESS: ve Eglence Merkezi | Istiklal Sokak No.2/B Yenisahra/Atasehir
Turkey . Istanbul
Optimum Outlet
I Viali GLA:452 084 SF
ADDRESS: Via Dei Cacciatori 111 - 10042 Nichelino TO - Piemonte
Italy . Torino
I Viali
Arkadia GLA:1 184 030 SF
ADDRESS: Aleja Jana Pawla II 82, 00-175
Poland . Warsaw
Arkadia
Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum


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