Dar Al-Arkan Real Estate Development Company (DAAR) has announced repayment of its Sukuk II, which is due on Monday (July 16), and amounts to SR 3.75 billion. DAAR transferred the total principal sum to Deutsche Bank (the principal paying agents) on Thursday and the sukuk account holders will receive funds on Monday, a company press release said.
This second sukuk was part of DAAR's Islamic structured debt program (Sukuk program), initiated in 2007. The aim of the program was to provide high quality long-term external financing to complement the company's robust internal cash flow at a time of strong growth in the Saudi real estate market. In the last five years, an extremely challenging period for the international debt markets, DAAR has successfully issued four sukuk (3 international, one domestic) raising a total of SR 8.4 billion. Of this, 2 sukuk totaling SR 6 billion have been repaid on time and satisfying all obligations, representing 71.4 percent of DAAR's sukuk program.
The Islamic Sukuk Program has aided the company in the implementation of the company's various projects over the Kingdom. DAAR provided more than 16,000 residential units, which contributed in fulfilling the residential demand in Saudi Arabia.
Dar Al-Arkan's sukuk program has attracted many high-profile international and local investors. Sukuk II drew a diversified investor base at both, global and regional levels. International investors included sovereign, pension and investment funds as well as financial institutions dispersed across the Middle East, America, Asia and Europe.
Furthermore, the sukuk have enjoyed active support from prominent local financial institutions and investment funds. In addition to broadening the investor base and raising the profile internationally, the sukuk investors have provided DAAR with financial flexibility and liquidity during a period of required investment in its projects and the medium term future of the business.
Dar Al-Arkan sukuk have been listed in different international markets including the UAE, Bahrain (BSE), UK (LSE) and Malaysia (Labuan SE). Consequently, DAAR has successfully met and complied with the highest standards of corporate governance and disclosure prevailing in these international markets.
Dar Al-Arkan would like to thank its investor base, specifically all the sukuk-holders who participated in this transaction for placing their trust in Dar Al-Arkan, its board and its management.
Dar Al-Arkan to repay SR 3.75 billion Sukuk II
Dar Al-Arkan to repay SR 3.75 billion Sukuk II
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
