Saudi Dar Al-Arkan seeks investors ahead of sukuk offering

Above, a scaled version of Dar Al-Arkan’s Shams Ar Riyadh project on display during a property show in Riyadh last year. (Dar Al-Arkan Real Estate Development)
Short Url
Updated 17 February 2020

Saudi Dar Al-Arkan seeks investors ahead of sukuk offering

  • Saudi property firm mandates banks to arrange meetings with fixed-income investors
  • Plans for seven-year, US dollar fixed-rate benchmark senior unsecured sukuk offering

DUBAI: Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. has mandated banks to arrange meetings with fixed-income investors from Monday in the United Arab Emirates and London ahead of a planned 7-year sukuk issuance, a lead manager said.
The Saudi company has hired Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners, the lead manager said.
A seven-year, US dollar fixed-rate benchmark senior unsecured sukuk offering will follow, subject to market conditions, it said.


HSBC to axe 82 branches in UK, cut services in others

Updated 19 January 2021

HSBC to axe 82 branches in UK, cut services in others

  • The lender said it would be left with 511 branches in the UK following the closures

LONDON: HSBC said on Tuesday it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking.
The lender said it would be left with 511 branches in the UK following the closures, with many of the remaining branches set to be refurbished with some providing fewer services.
The COVID-19 pandemic has dented bank finances, putting pressure on lenders to cut costs, while more customers have opted to bank online as people have been encouraged to stay at home to combat the spread of the virus.
HSBC said it had begun trialing different branch formats and decided to provide fewer full-service branches focused in large cities and towns, with others providing cash or self-service technology.
The bank said ‘pop-up’ mobile branches would also be rolled out later this year.
“The direction of travel is really quite clear and this is borne out by the reduction in branch usage and increase in digital interaction that we are seeing first-hand,” said Jackie Uhi, HSBC UK’s head of network.