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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:
Filling your cart with items and leaving the site without making a purchase has become the post-pandemic equivalent of window gazing for young shoppers.
Feb 26, 2021, USA:
It will be the most significant expansion in Sephora's history, demonstrating its confidence in the retailer's future.
Feb 26, 2021, USA:
Shortly, 17 Apple mini-stores will open in hypermarkets across the country. The company intends to start opening such outlets in the fall.
Feb 25, 2021, India:
The vast mall's construction will cost $760 million, and the project is expected to be completed in seven years.
Feb 25, 2021, United Kingdom:
The brand plans to close 95 stores nationwide while paying reduced rent for the remainder of the term.
Feb 24, 2021, USA:
Old Spice Barber Shop will also serve as a brand store, digital content studio, and experience lab for new product developments.
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