Dar Al Arkan Meets Bond Investors For Non-deal Roadshow

Dubai: Saudi Arabian real estate developer Dar Al Arkan met fixed income investors last week for a so-called non-deal roadshow, discussions that were not linked to any specific plan for a bond issue, sources familiar with the matter said.

Dar Al Arkan, which issued $500 million (Dh1.8 billion) of Islamic bonds last April, held the meetings to update investors on the company’s business, but no concrete bond issue plan was discussed, said one source, declining to be named because of commercial sensitivities.

The company did not immediately respond to a request for comment. The roadshow was held last week in Dubai and arranged by Emirates NBD.

Dar Al Arkan has $450 million of sukuk due in June this year, $400 million of sukuk due in 2019 and a further $500 million of sukuk — those issued last year — maturing in 2022.

The company, rated B1 by Moody’s, issued its last sukuk with Alkhair Capital, Deutsche Bank, DIB, Emirates NBD, Goldman Sachs, Noor Bank and QInvest as joint bookrunners. The sukuk offered a profit rate of 6.875 per cent per annum.