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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



Aug 14, 2019, USA:
The flagship store in NYC presents an updated global concept of The North Face retail stores.
Aug 14, 2019, United Kingdom:
Crew Clothing and independent retailer Starlings Toy Outlet are set to open shops in the East Midlands.
Aug 13, 2019, USA:
Nike announced the launch of the sneaker subscription service for children.
Aug 13, 2019, Russia:
The brand has entered Russia for the first time through Ingka Centres’, formerly IKEA Centres, MEGA mall in Moscow.
Aug 12, 2019, Italy:
WRM Group and Conad signed an agreement to acquire Auchan Retail Italia, announced by the financial community.
Aug 9, 2019, Hong Kong:
An American fast-food chain has announced the opening of its flagship restaurant in an updated concept in Hong Kong.
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